Compound Interest Ques 2
Question
A invests a certain sum in scheme A at compound interest (compounded annually) of $10\%$ per annum for 2 years. In scheme $B$ he invests at simple interest of $8 \%$ per annum for 2 years. He invests in schemes A and $B$ in the ratio of $1: 2$. The difference between the interests earned from both the schemes is Rs. 990. Find the amount invested in scheme $A$.
(1) Rs. 7500
(2) Rs. 8000
(3) Rs. 9000
(4) Rs. 8500
(5) Rs. 8600
(IBPS Bank PO/MT CWE-V (Preliminary) 10.10.2015 Ist Sitting)
Show Answer
Answer: (3)
Solution: (3)
Investment in scheme A $=$ Rs. $x$
Investment in scheme B $=$ Rs. $2 x$
According to the question,
$ \frac{P_{2} \times R \times T}{100}-P_{1}[(1+\frac{R}{100})^{T}-1] =990$
$\Rightarrow \frac{2 x \times 8 \times 2}{100}-x[(1+\frac{10}{100})^{2}-1]$ $=990$
$\Rightarrow \frac{32 x}{100}-x(\frac{121}{100}-1)=990$
$\Rightarrow \frac{32 x}{100}-\frac{21 x}{100}=990$
$\Rightarrow \frac{11 x}{100}=990$
$\Rightarrow x=\frac{990 \times 100}{11}=$ Rs. 9000
BETA
