Question
Rs. 5,000 is invested for 3 years in scheme ‘X’
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 ‘Y’ offering 6% simple interest per annum. What is the sum invested in scheme ‘Y’?Solution
ATQ,
Interest received from scheme ‘X’ = Rs. 5000 × 3 × 8 ÷ 100 = Rs. 1200
Let the amount invested in scheme ‘Y’ = Rs. ‘A’
Then, interest received from scheme ‘Y’ = A × 4 × 6 ÷ 100 = Rs.
(24A/100)
So, 1200 = (24A/100)
Or, A = (1200 × 100) ÷ 24 = 5000
So, amount invested in scheme ‘Y’ = Rs. 5,000
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