Question
Aman invested a total of Rs. 85,000 in two schemes—one
offering 12% annual compound interest and the other offering 14% annual simple interest. If the total interest earned after three years is Rs. 34,500, how much more or less (in percentage) did he invest in Scheme A compared to Scheme B?Solution
ATQ,
Let the amount invested in Scheme A be Rs. ‘x’.
So, the amount invested in Scheme B = Rs. (85,000 – x)Interest earned from Scheme A = x × {(1 + 0.12)³ – 1} = Rs. 0.404x
Interest earned from Scheme B = (85,000 – x) × 0.14 × 3 = Rs. (35,700 – 0.42x)
So,
0.404x + 35,700 – 0.42x = 34,500
0.016x = 1,200
x = 75,000
So, the amount invested in Schemes A and B are Rs. 75,000 and Rs. 10,000 respectively.
So, the desired percentage = {(75,000 – 10,000) / 10,000} × 100 = 650%
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