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Question 43
The respective ratio of the sums invested for 2 years each, in scheme A offering 20% per annum compound interest (compounded annually) and in Scheme B offering 9% p.a. simple interest is 1 : 3. The difference between the interests earned from both the schemes is Rs.1200. How much was invested in scheme A?
Solution
Amount invested in scheme A = Rs. x
Amount invested in scheme B = Rs. 3x
Given that,
$$\frac{3x \times 2 \times 9}{100} - x[(1 + \frac{20}{100})^2 - 1] = 1200$$
$$\frac{54x}{100} - \frac{11x}{25} = 1200$$
$$x = 12000$$
Hence, amount invested in scheme A = Rs. 12,000
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