Question
Akhil borrowed ₹6500 at a simple interest rate of 27% per
annum for 8 years. After 8 years, he added ₹X to the total amount (principal + interest) and reinvested the entire sum at a simple interest rate of 15% per annum for 2 years. If the interest earned from this second investment after 2 years was ₹7200, find the value of ₹X.Solution
Amount received on simple interest = 6500*[1 + 27*8/100] = ₹20540
Now,
(20540 + X)*15*2/100 = 7200
20540 + X = 24000
X = ₹3460
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