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
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