New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    A man invested Rs. 12000 in bank A at 10% p.a. compound

    interest for three years. The interest received from the bank A is Rs. 1472 more than the interest on some other amount invested in bank B at 8% simple interest for 5 years. What is the amount invested in bank B?
    A Rs. 6650 Correct Answer Incorrect Answer
    B Rs. 6350 Correct Answer Incorrect Answer
    C Rs. 6750 Correct Answer Incorrect Answer
    D Rs. 6250 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Compound interest earned from bank A = 12000 × [(1 + 10/100) 3  – 1] = 12000 × 0.331 = Rs. 3972

    Simple interest earned from bank B = 3972 – 1472 = Rs. 2500

    Let, the amount invested in the bank B be Rs. x.

    So, 2500 = (x * 8 * 5)/100

    250000 = 40x,

    x = Rs. 6250

    Therefore, the amount invested in the bank B = Rs. 6250

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