📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    Question

    Divesh invested Rs. ‘x’ in a scheme that provides

    simple interest at a rate of 12% per annum for a period of three years. Meanwhile, Ronit invested Rs. ‘x + 3000’ in a scheme that offers compound interest at a rate of 10% per annum for three years. The interest earned by Ronit exceeds the interest earned by Divesh by Rs. 761. Determine the value of ‘x’.
    A Rs. 6000 Correct Answer Incorrect Answer
    B Rs. 10000 Correct Answer Incorrect Answer
    C Rs. 8000 Correct Answer Incorrect Answer
    D Rs. 12000 Correct Answer Incorrect Answer
    E Rs. 9000 Correct Answer Incorrect Answer

    Solution

    Interest earned by Divesh = x × 0.12 × 3 = Rs. 0.36x

    Interest earned by Ronit = (x + 3000) {(1 + 0.10) 3  – 1} = (x + 300) × 0.331 = Rs. (0.331x + 993)

    According to question,

    0.331x + 993 – 0.36 = 761

    0.029x = 232

    x = 8000

    So, the value of ‘x’ is Rs. 8,000

    Practice Next
    More Simple and compound interest Questions

    Relevant for Exams:

    ask-question