Question 77
Dharma invested P for 3 years in scheme A which offered 12% p.a. simple interest. She also invested P + 400 in scheme B which offered 10% compound interest (compounded annually), for 2 years. If the amount received from scheme A was less than that received from scheme B, by Rs.304/, what is the value of P?
Solution
Scheme A : Simple interest =[(P x 3 x 12)/100)] + P = (36P/100)+P
Scheme B : Compund Interest = (P+400)(1 + (10/100))$$^2$$ = (P+400)(11/10)$$^2$$ = (P+400)(121/100)
(36P/100) + P + 304 = (P+400)[(121/100)]
36P + 100P+ 30400 = 121P + 48400
15P = 18000
P =1200
Option E is the correct answer.
Need AI Help?
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
