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    Question

    Meera deposited Rs. ‘W’ in a bank offering compound interest of 9% p.a. compounded annually. After 3 years, she invested the amount received from the bank in scheme ‘G’ and ‘H’ in the ratio of 5:4 respectively. Scheme ‘H’ offers compound interest of 25% p.a. compounded annually while scheme ‘G’ offers simple interest of 10% p.a. If total interest received by her from schemes G and H together at the end of 2 years is Rs. 2970, then find the value of ‘W’.

    A Rs.4000 Correct Answer Incorrect Answer
    B Rs.4500 Correct Answer Incorrect Answer
    C Rs.6000 Correct Answer Incorrect Answer
    D Rs.5500 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    ATQ Let amount invested in scheme ‘G’ and scheme ‘H’ be Rs. ‘5s’ and Rs. ‘4s’, respectively. So, 0.10 × 2 × 5s + 0.50 × 4s = 2970 Or, 1.0s + 2.0s = 2970 Or, 3.0s = 2970 Or, s = 990 So, W = (5 × 990 + 4 × 990)/(1.09 × 1.09 × 1.09) = Rs. 4500

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