INR 1,500/-were invested for 5 years in scheme A which offers simple interest at a rate of 14%p.a.. The amount received after 5 years and some additional money, is then invested in scheme B. For 2 years, which offers compound interest(compounded annually) at a rate of 20% p.a.. If the compound interest received from scheme B after 2years is INR 1,408/-, what was the additional money invested in scheme B apart from the amount received from scheme A ?

  • INR 450/-
  • INR 650/-
  • INR 500/-
  • INR 280/-
  • INR 520/-
  • Explanation:

    For Scheme A,

    Simple interest = 1500×5×14/100 = INR 1,050/-

    Amount = 1500+1050 = INR 2,550/-

    Let the amount invested in scheme B be INR x.

                         1408 = x((1+20/100)2-1)

                        1408 = x(36-25/25)

                              x = INR 3,200/-

    Additional money invested in scheme B apart from the amount received from scheme A = 3200-2550

                                                                                                                                         = INR 650/-

     


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INR 1,500/-were invested for 5 years in scheme A which offers simple interest at a rate of 14%p.a..
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