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Question 94
Mr. ‘X’ invested certain amounts in two different schemes ‘A’ & ‘B’. Scheme ‘A’ offers simple interest at 12 p.c.p.a and Scheme ‘B’ offers compound interest at 10 p.c.p.a Interest accrued on the amount invested is Scheme A in 2 years was Rs. 3, 600 and the total amount invested was Rs. 35,000. What was the interest accrued on the amount invested in Scheme ‘B’ ?
Solution
Let the amount invested in scheme A be Rs. 'x'
Interest obtained in 2 years = Rs. 3600
$$\frac{x \times2 \times12}{100} = 3600$$
$$x = 15000$$
Total investment = Rs. 35000
Investment in scheme B = Rs. 35000 - Rs. 15000 = Rs. 20,000
Compound Interest = $$P[(1 + \frac{R}{100})^T - 1]$$
= $$20000[(1 + \frac{10}{100})^2 - 1]$$
= Rs. 4200
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