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    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 ├Ч (1.12 тАУ 1) + (4x ├Ч 8 ├Ч 2)/100 = 676 1.05x + 0.64x = 676 1.69x = 676 x = 400 So, required monthly income of X = (9 ├Ч 400)/0.4 = Rs.9000

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