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IBPS Clerk 2018 Question 11

Question 11

Ravi invested Rs.P in a scheme A offering simple interest at 10% p.a. for two years. He invested the whole amount he received from scheme A, in another scheme (B) offering simple interest at 12% p.a. for five years. If the difference between the interests earned from schemes A and B was Rs. 13,00/, what is the value of P ?

Solution

it is given that the initial amount invested in scheme A is Rs P at 10%per Annum

S.I. = $$\frac{P x R x T}{100}$$

=$$\frac{P\times10\times2}{100}$$

Now the total amount after 2 years is = 1.2P

New Rate of interest = 12% per annum

Time = 5 years

S.I for next 5 years when new principal amount is 1.2 P = $$\frac{1.2P\times12\times5}{100}$$

= 0.72P

total amount after 5 years at 12% per annun = 1.72P

Given that 1.72P - 1.2P = 1300

P = 1300/0.52

=Rs 2500



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