New Register here for RBI, SEBI & NABARD strategy workshop! April 9 at 7 PM

    Question

    Vishal has certain sum of money with him. He invested

    80% of the sum in scheme ‘X’ offering 15% p.a. simple interest for 8 years and received Rs. 2040 as interest. He then invested the amount received from scheme ‘X’ in scheme ‘Y’ for 2 years at 50% p.a., compound interest compounded annually. Find the amount received by Vishal from scheme B.  
    A Rs. 14355 Correct Answer Incorrect Answer
    B Rs. 9405 Correct Answer Incorrect Answer
    C Rs. 8415 Correct Answer Incorrect Answer
    D Rs. 16335 Correct Answer Incorrect Answer
    E Rs. 10395 Correct Answer Incorrect Answer

    Solution

    Let, Vishal invested Rs. x in scheme ‘X’ According to the question, {(x × 15 × 8)/100} = 2040 Or, x = 2040/1.2 Or, x = 1700 Total sum Vishal had = 1700/0.8 = Rs. 2125 Amount received from scheme ‘X’ = 1700 + 2040 = Rs. 3740 Amount received from scheme ‘Y’ = 3740(1 + 50/100)2 = Rs. 8415  

    Practice Next

    Relevant for Exams: