Question
Rohan deposited Rs. βYβ in a bank offering compound
interest of 10% p.a. compounded annually. After 3 years, he invested the amount received from the bank in scheme βCβ and βDβ in the ratio of 7:3 respectively. Scheme βDβ offers compound interest of 18% p.a. compounded annually while scheme βCβ offers simple interest of 12% p.a. If total interest received by him from schemes C and D together at the end of 2 years is Rs. 1584, then find the value of βYβ.(Calculate approximate value)Solution
ATQ, Amount after 3 years at 10% CI = Y Γ (1.1)3 = Y Γ 1.331 Split into Scheme C and D (7:3): Scheme C = 1.331Y Γ 7/10 = 0.9317Y Scheme D = 1.331Y Γ 3/10 = 0.3993Y Interest from Scheme C (SI @12% for 2 yrs) = 0.9317Y Γ 12 Γ 2 / 100 = 0.2236Y Interest from Scheme D (CI @18% for 2 yrs) = 0.3993Y Γ [(1.18)^2 β 1] = 0.3993Y Γ 0.3924 = 0.1566Y Total Interest = 1584 0.2236Y + 0.1566Y = 1584 0.3802Y = 1584 Y = 1584 / 0.3802 = βΉ4165.87 or approx βΉ4165
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