Question
The ratio of the sums invested by ‘X’ and ‘Y’ in
SIP ‘M’ and ‘N’ is 7:4, respectively. If ‘X’ invested Rs. 6300 more than ‘Y’, then find the amount received by ‘Y’ after two years if he had invested his sum at 40% p.a. compound interest, compounded annually.Solution
ATQ, Let the sum invested by ‘X’ and ‘Y’ be Rs. 7x and Rs. 4x, respectively. According to the question, 7x – 4x = 6300 Or, 3x = 6300 Or, x = 2100 Therefore, sum invested by ‘Y’ in scheme ‘N’ = 4x = Rs. 8400 Amount received by ‘Y’ = 8400(1 + 40/100)² = Rs. 16464
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