New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    The total investment by P and Q is Rs. 7500. P invests

    his amount at a simple interest rate of 30% per annum for 4 years, while Q invests his amount at a compound interest rate of 40% per annum, compounded annually for 2 years. The combined interest received by both is Rs. 7800. Determine the amount received by P.
    A Rs.6500 Correct Answer Incorrect Answer
    B Rs.5000 Correct Answer Incorrect Answer
    C Rs.4500 Correct Answer Incorrect Answer
    D Rs.5500 Correct Answer Incorrect Answer
    E none of these Correct Answer Incorrect Answer

    Solution

    ATQ, Let the sum invested by P be Rs.'p' Therefore, sum invested by Q = Rs. (7500 – p) According to the question, (p × 4 × 30)/100 + (7500 – p)(1 + 40/100)2 – (7500 – p) = 7800 Or, (6p/5) + 0.96(7500 – p) = 7800 Or, p = 3000/1.2 = Rs.2500 Therefore, amount received by P = (2500 × 30 × 4)/100 + 2500 = Rs. 5500

    Practice Next

    Relevant for Exams: