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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.

A Rs. 5700

B Rs. 4750

C Rs. 5750

D Rs. 3750

E None of these

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