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
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
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