Question
Pawan invested an equal sum of money in two different
SIPs at a bank—one earning 20% compound interest per annum and the other earning 24% simple interest per annum. After 3 years, the interest earned from the compound interest SIP exceeded the interest earned from the simple interest SIP by Rs. 46. Determine the amount Pawan invested in each SIP.Solution
ATQ; Let, the amount deposited by the Pawan in each SIP's = Rs. ‘x’ So, the interest earned by the Pawan on the amount deposited at compound interest = x × ((1 + 20/100)³ – 1) = x × ((1 + 1/5)³ – 1) = x × (216/125 – 1) = Rs. 91x/125 And, the interest earned by the Pawan on the amount deposited at simple interest = (x × 24 × 3)/100 = Rs. 18x/25 Therefore, 91x/125 – 18x/25 = 46 =>(91x – 90x)/125 = 46 => x/125 = 46 => x = Rs. 5750
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