Question
The ratio of the sums invested by ‘P’ and ‘Q’ in
SIP ‘A’ and ‘B’ is 9:6, respectively. If ‘P’ invested Rs. 5400 more than ‘Q’, then find the amount received by ‘Q’ after two years if he had invested his sum at 30% p.a. compound interest, compounded annually.Solution
ATQ, Let the sum invested by ‘P’ and ‘Q’ be Rs. 9x and Rs. 6x, respectively. According to the question, 9x – 6x = 5400 Or, 3x = 5400 Or, x = 1800 Therefore, sum invested by ‘Q’ in scheme ‘B’ = 6x = Rs. 10800 Amount received by ‘Q’ = 10800(1 + 30/100)² = Rs. 18252
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