Question
Rs. 5,000 is invested for 3 years in scheme βXβ
offering simple interest at 8% per annum. The interest earned is equal to the interest obtained when a certain sum is invested for 4 years in scheme βYβ offering 6% simple interest per annum. What is the sum invested in scheme βYβ?Solution
ATQ,
Interest received from scheme βXβ = Rs. 5000 Γ 3 Γ 8 Γ· 100 = Rs. 1200
Let the amount invested in scheme βYβ = Rs. βAβ
Then, interest received from scheme βYβ = A Γ 4 Γ 6 Γ· 100 = Rs.
(24A/100)
So, 1200 = (24A/100)
Or, A = (1200 Γ 100) Γ· 24 = 5000
So, amount invested in scheme βYβ = Rs. 5,000
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