Question
Aarti invested Rs. ‘x’ at the rate of 13% p.a. simple
interest for 4 years, and Pranav invested 60% of x at 10% p.a. compounded annually for 2 years. Their combined interest was Rs. 802. Find the value of ‘x’.Solution
ATQ,
Pranav's investment = Rs. 0.6x
According to the question:
(x × 13 × 4)/100 + [0.6x × 1.1 × 1.1 – 0.6x] = 802
⇒ 0.52x + 0.126x = 802
⇒ 0.646x = 802
⇒ x = 1242
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