Question
Rohit invested Rs. ‘x’ at the rate of 10% p.a. simple
interest for 4 years and Anil invested Rs. 70% of x at 8% p.a. compounded annually for 2 years. If their total interest is Rs. 616, find the value of ‘x’.Solution
ATQ,
Anil's investment = Rs. 0.7x
According to the question:
(x × 10 × 4)/100 + [0.7x × 1.08 × 1.08 – 0.7x] = 616
⇒ 0.4x + 0.12192x = 616
⇒ 0.52192x = 616
⇒ x = 1180
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