Question
An amount of Rs. x is invested in SIP ‘A’ under
compound interest at a rate of 16% per annum, compounded annually, for 2 years. Another amount, Rs. (2x−5000), is invested in SIP ‘B’ under simple interest at a rate of 48% per annum for 5 years. The total interest earned from both SIP ‘A’ and SIP ‘B’ is Rs. 65,184. Determine the total amount invested in both SIP ‘A’ and SIP ‘B’.Solution
ATQ;
Interest received from SIP ‘A’ = x(1 + 16/100) ² – x = Rs. 0.3456x
Interest received from SIP ‘B’ = {(2x – 5000) × 0.48 × 5} = Rs. (4.8x – 12000)
According to the question,
0.3456x + 4.8x – 12000 = 65184
Or, 5.1456x = 77184
Or, x = 15000
Therefore, total sum invested = x + 2x – 5000 = Rs.40,000
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