📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    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'?
    A Rs.35200 Correct Answer Incorrect Answer
    B Rs.27000 Correct Answer Incorrect Answer
    C Rs.65200 Correct Answer Incorrect Answer
    D Rs.12020 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    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

    Practice Next
    More Simple and compound interest Questions

    Relevant for Exams:

    ask-question