New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Sanjay invested Rs. ‘x’ at the rate of 14% simple

    interest for 2 years, while Manish invested 50% of x at 12% compound interest per annum for 2 years. If the total interest earned is Rs. 512, then what is the value of ‘x’?
    A 1250 Correct Answer Incorrect Answer
    B 1050 Correct Answer Incorrect Answer
    C 1262 Correct Answer Incorrect Answer
    D 1335 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    ATQ,

    Manish's investment = Rs. 0.5x

    According to the question:

    (x × 14 × 2)/100 + [0.5x × 1.12 × 1.12 – 0.5x] = 512

    ⇒ 0.28x + 0.12544x = 512

    ⇒ 0.40544x = 512

    ⇒ x = 1262

    Practice Next