New Click here to Enroll for SIDBI MSME Expert Class by ex-GM, SBI on Nov 24

    Register

    Question

    Priya had Rs. 3000 with her. She invested Rs. ‘y’ at 15% p.a. simple interest for 4 years and the remaining sum at 40% p.a. compound interest, compounded annually for 3 years. If the total interest received by her is Rs. 2700, then find the value of ‘y’.

    A 4025 Correct Answer Incorrect Answer
    B 5025 Correct Answer Incorrect Answer
    C 6025 Correct Answer Incorrect Answer
    D 4250 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    ATQ, Simple interest received by Priya = (y × 15 × 4)/100 = Rs. 0.6y Compound interest received by Priya = (3000 – y)(1 + 40/100)³ – (3000 – y) = Rs. 1.728(3000 – y) - (3000 - y) = Rs. 0.728(3000 - y) According to the question, 0.6y + 0.728(3000 – y) = 2700 Or, 0.6y + 2184 - 0.728y = 2700 Or, 2184 - 0.128y = 2700 Or, -0.128y = 2700 - 2184 Or, -0.128y = 516 Or, y = 516 / 0.128 = 4025

    Practice Next