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'.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
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