Question
M invested Rs. 27,000 in two Mutual Funds, 'Axis Funds'
and 'ICICI Funds,' for 5 years and 2 years, respectively. 'Axis Funds' provide simple interest at 20% per annum, while 'ICICI Funds' offer compound interest compounded annually at 30% per annum. Determine the amount invested in 'ICICI Funds' if the interest earned from 'Axis Funds' exceeds that from 'ICICI Funds' by Rs. 1,650.Solution
ATQ, Let the sum invested in Mutual fund ‘ICICI’ be Rs. ‘a’ Sum invested in Mutual fund ‘Axis’ = Rs. (27000 – a) Simple interest earned from Mutual fund ‘Axis’ = {(27000 – a) × 20 × 5}/100 = Rs. (27000 – a) And, compound interest earned from Mutual fund ‘ICICI’ = a × [{1 + (30/100)}2 – 1] = Rs. ‘0.69a’ According to question: 27000 – a – 0.69a = 1650 Or, 1.69a = 25350 Or, a = 15000
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