Question
Priya invests Rs. ‘X’ for 3 years in scheme-P
offering simple interest at 12% p.a., while Rohan invests the same amount for 2 years in scheme-Q offering compound interest at 10% p.a. If the difference between their interests is Rs. 1500, find the value of 5X.Solution
ATQ, X × 12% × 3 – X(1 + 10/100)² + X = 1500 0.36X – 0.21X = 1500 0.15X = 1500 X = 10000 Required value = 5 × 10000 = Rs.50,000
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