Question
Aman invested Rs. 6,500 in scheme ‘Alpha’ which
offered compound interest compounded annually at 10% per annum for 3 years. He also put Rs. ‘P’ in scheme ‘Beta’ at simple interest of 10% per annum for 5 years. If the interest gained from both investments is identical, what is the value of ‘P’?Solution
ATQ,
Interest from scheme ‘Alpha’ = 6500 × {1 + (10/100)}³ – 6500 = 6500 × (1.1)³ – 6500 = 6500 × 1.331 – 6500 = 8651.5 – 6500 = Rs. 2,151.5 According to the question: (P × 0.10 × 5) = 2151.5 Or, P = 2151.5 / 0.5 = Rs. 4,303
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