📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!
  • google app store apple app store
    • ✖

      Question

      'X' deposited a total of 40% of his monthly salary in

      two SIPs, P and Q. SIP P offers compound interest at the rate of 10% p.a., compounded annually, while SIP Q offers simple interest at the rate of 8% p.a. The amount deposited in SIP P and SIP Q are in the ratio 5:4, respectively, and the total interest earned in 2 years is Rs. 676. Determine the monthly salary of 'X'.
      A Rs.7700 Correct Answer Incorrect Answer
      B Rs.5200 Correct Answer Incorrect Answer
      C Rs.9000 Correct Answer Incorrect Answer
      D Rs.3650 Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      Let the amount deposited in SIP P and SIP Q be Rs. 5x and Rs. 4x, respectively. According to question, 5x × (1.12 – 1) + (4x × 8 × 2)/100 = 676 1.05x + 0.64x = 676 1.69x = 676 x = 400 So, required monthly income of X = (9 × 400)/0.4 = Rs.9000

      Practice Next
      More Simple and compound interest Questions
      ask-question