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    Question

    Sneha deposited Rs. ‘R’ in a bank offering compound interest of 13% p.a. compounded annually. After 3 years, she invested the amount received from the bank in scheme ‘M’ and ‘N’ in the ratio of 4:3 respectively. Scheme ‘N’ offers compound interest of 17% p.a. compounded annually while scheme ‘M’ offers simple interest of 16% p.a. If total interest received by her from schemes M and N together at the end of 2 years is Rs. 3564, then find the value of ‘R’.

    A Rs.7000 Correct Answer Incorrect Answer
    B Rs.4500 Correct Answer Incorrect Answer
    C Rs.6000 Correct Answer Incorrect Answer
    D Rs.5000 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    ATQ Let amount invested in scheme ‘M’ and scheme ‘N’ be Rs. ‘4v’ and Rs. ‘3v’, respectively. So, 0.16 × 2 × 4v + 0.36 × 3v = 3564 Or, 1.28v + 1.08v = 3564 Or, 2.36v = 3564 Or, v = 1510.17 So, R = (4 × 1510.17 + 3 × 1510.17)/(1.13 × 1.13 × 1.13) = Rs. 8000

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