Please enter the following details
Free Daily Targets & Mocks
Study Material & Formulas PDFs
1 on 1 Mentorship
Question 27
Mr. Mishra invested Rs.25,000 in two fixed deposits X and Y offering compound interest @ 6% per annum and 8% per annum respectively. If the total amount of interest accrued in two years through both fixed deposits is Rs.3518, the amount invested in Scheme X is
Solution
Let the amount invested in X = x
Thus, the amount invested in Y = 25000-x
The interest incurred = 3518 Rs, thus the total amount at the end of the 2nd year = 28518 Rs.
Thus, $$x*(1.06)^2 + (25000-x)*(1.08)^2 = 28518$$
=> $$x*1.1236 + 25000*1.1664 - x*1.1664 = 28518$$
=> $$-0.0428x + 29160 = 28518$$
=> $$ 642 = 0.0428x$$
Hence, $$x = 15000 Rs$$
Hence, option C is the correct answer.
Create a FREE account and get:
- All Quant Formulas and shortcuts PDF
- 170+ previous papers with solutions PDF
- Top 5000+ MBA exam Solved Questions for Free
