Question 138

Arunavo invested total sum of Rs. 16000 in two schemes (A and B) for two years. Scheme A offers compound interest (compounded annually) at the rate of 10% per annum and scheme B offers simple interest at the rate of 12% per annum. If the total interest earned by him from both the schemes after two years is Rs. 3504. How much money (principle) did he invest in scheme B?


Let the amount invested in Scheme A be 'Rs.x'.
Then, the amount invested in Scheme B = Rs. (16000-x)
Amount earned from Scheme A = $$x\times1.1\times1.1 = 1.21x$$.
Interest earned from Scheme A = Rs.1.21x - Rs.x = Rs.0.21x

Interest earned from Scheme B = $$\dfrac{(16000-x)\times12\times2}{100} = 3840 - 0.24x$$
Total interest = 0.21x+3840-0.24x = 3504
3840-0.03x = 3504
0.03x = 336
x = 11200.
Amount invested in Scheme B = 16000-11200 = Rs.4800.

Create a FREE account and get:

  • Banking Quant Shortcuts PDF
  • Free Banking Study Material - (15000 Questions)
  • 135+ Banking previous papers with solutions PDF
  • 100+ Online Tests for Free


Boost your Prep!

Download App