📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    Question

    A man invests Rs X in a scheme at 12% rate of interest

    for 8 years. After 8 years he reinvests the amount received at same rate of interest for same time duration. If interest received from reinvestment is Rs 5730.40 more than Rs X. Find the value of X?
    A 6000 Correct Answer Incorrect Answer
    B 6700 Correct Answer Incorrect Answer
    C 6500 Correct Answer Incorrect Answer
    D 6800 Correct Answer Incorrect Answer
    E 6550 Correct Answer Incorrect Answer

    Solution

    Let the principal be Rs. 100x. SI = (100x × 12 × 8)/100 = 96x Amount = 100x + 96x = 196x Therefore, ATQ (196x/100) × (96/100) – X = 5730.40 x{(196 × 96 – 10000)/10000} = 5730.40 so, x = 6500

    Practice Next
    More Simple and compound interest Questions
    ask-question