Question
Ravi invests Rs. 'p' in Scheme 'X' and Rs. (p + 3,000)
in Scheme 'Y'. Scheme X gives simple interest at 10% per annum for 24 months, while Scheme Y offers 12% per annum for 18 months. If the combined interest from both schemes is Rs. 5,400, then what is the value of '3p'?Solution
Simple interest = Principal × Rate × Time ÷ 1,200 (time in months) ATQ, (p×10×24÷1,200)+((p+3,000)×12×18÷1,200) = 5,400 Or,(p×2÷10)+((p+3,000)×3÷10) = 5,400 Or,(p/5)+(3p/10)+900 = 5,400 Or,(2p+3p)/10 = 4,500 Or,5p/10 = 4,500 ⇒ p = 9,000 Therefore, required value = 3 × 9,000 = Rs. 27,000
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