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’.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
What is the primary objective of the Nasha Mukt Bharat Abhiyaan (NMBA)?
The largest city of Madhya Pradesh state area wise is?
With the extension of the Unified Payments Interface (UPI) system to France, what opportunities does it offer for Indian tourists visiting France?
The Ramon Magsaysay Award was instituted in which year?
Who assumed office as the Controller General of Defence Accounts (CGDA) on March 1, 2025?
Kavach is an automatic train protection (ATP) system indigenously developed by which of the following?
- Which digital initiative was launched in Mumbai to provide digital tax services and grievance redressal?
North India's first nuclear power plant will be set up in which state?
Which of the following are the recent reforms taken by the Government?
I- Improved fiscal transparency and realistic revenue assumptions in the B...
What is the monetary penalty imposed by the RBI on Punjab National Bank for levying penal charges on inoperative accounts?
Relevant for Exams:
