Question
Amit invested ₹8000 into a SIP
that earns simple interest at 12% annually for 3 years. Pawan deposited an unknown amount in a SIP with a simple interest rate of 10% annually for 2 years. If Amit’s interest is 20% greater than Pawan’s, calculate the amount Pawan invested.Solution
ATQ,
Interest received by ‘Amit’ = (8000 × 0.12 × 3) = Rs. 2880 Interest received by ‘Pawan’ = (2880/120) × 100 = Rs. 2400 Let the sum invested by ‘Pawan’ = Rs. ‘p’ According to the question, 2400 = (p × 0.1 × 2) p = 2400/0.2 = 12000 Sum invested by ‘Pawan’ = 2400 × 5 = Rs.12000
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