Question 2

Amal invests Rs 12000 at 8% interest, compounded annually, and Rs 10000 at 6% interest, compounded semi-annually, both investments being for one year. Bimal invests his money at 7.5% simple interest for one year. If Amal and Bimal get the same amount of interest, then the amount, in Rupees, invested by Bimal is

Name: Amal invests Rs 12000 at 8% interest, compounded annually, and Rs 10000 at 6% interest, compounded semi-annually, both investments being for one year. Bimal invests his money at 7.5% simple interest for one year. If Amal and Bimal get the same amount of interest, then the amount, in Rupees, invested by Bimal is
Uploaded: May 3, 2022, 4:57 p.m.
Duration: 2 min 54 s
Description: Amal invests Rs 12000 at 8% interest, compounded annually, and Rs 10000 at 6% interest, compounded semi-annually, both investments being for one year. Bimal invests his money at 7.5% simple interest for one year. If Amal and Bimal get the same amount of interest, then the amount, in Rupees, invested by Bimal is

Correct Answer: 20920

Solution

The amount with Amal at the end of 1 year = 12000*1.08+10000*1.03*1.03=23569

Interest received by Amal = 23569-22000=1569

Let the amount invested by Bimal = 100b

Interest received by Bimal = 100b*7.5*1/100=7.5b

It is given that the amount of interest received by both of them is the same

7.5b=1569

b=209.2

Amount invested by Bimal = 100b = 20920

Share on Whatsapp Share on Whatsapp

Boost your CAT prep: Take All-India 3 free CAT mock tests with Video solutions

Video Solution

Click on the Email ☝️ to Watch the Video Solution

Create a FREE account and get:

All Quant CAT complete Formulas and shortcuts PDF
35+ CAT previous year papers with video solutions PDF
5000+ Topic-wise Previous year CAT Solved Questions for Free

CAT Quant Questions | CAT Quantitative Ability

CAT Data Sufficiency Questions CAT Arithmetic Questions CAT Profit, Loss and Interest Questions CAT Time, Distance and Work Questions CAT Algebra Questions

CAT DILR Questions | LRDI Questions For CAT

CAT Selection With Condition Questions CAT Maxima-Minima Questions CAT Arrangement Questions CAT Puzzles Questions CAT Routes And Networks Questions

CAT Verbal Ability Questions | VARC Questions For CAT

CAT Miscellaneous Questions CAT Reading Comprehension Questions CAT Para Jumbles Questions CAT Odd One Out Questions CAT Critical Reasoning Questions

Video Solution

CAT Quant Questions | CAT Quantitative Ability

CAT DILR Questions | LRDI Questions For CAT

CAT Verbal Ability Questions | VARC Questions For CAT

Also Read

Related Formulas With Tests

CAT 2019 QA Question Paper Quant Slot 2 Question

Video Solution

CAT Quant Questions | CAT Quantitative Ability

CAT DILR Questions | LRDI Questions For CAT

CAT Verbal Ability Questions | VARC Questions For CAT

Also Read

Free CAT Quant Questions

Related Formulas With Tests

Login to your Cracku account

Hello! 👋

Ready to Unlock Your Success?

Please Enter Your OTP

Please enter the following details

Create a free Cracku account

Get Started with 5000+ Free CAT Questions & Mock Tests with Detailed Solutions!