A sum of money was invested for 14 years in Scheme A which offers simple interest at a rate of 8% p.a. The amount received from Scheme A after 14 years was then invested for two years in Scheme B which offers compound interest (compounded annually) at a rate of 10% p.a. If the interest received from Scheme B was INR 6678/- what was the sum invested in Scheme A

  • INR 15500/-
  • INR 14500/-
  • INR 16000/-
  • INR 12500/-
  • INR 15000/-
  • Explanation:

    Let the sum of money invested in scheme A be INR x.

    Amount = x×8×14/100+x = 53/25x

    Now, C.I. for 2 years = 53/25x[(1+10/100)2-1]

    6678=53/25×[(11/10)2-1]

    6678=53/25×[121-100/100]

    6678=53/25x×21/100

    6678×100×25/21×53=x

    x=INR 15000/-

A sum of money was invested for 14 years in Scheme A which offers simple interest at a rate of 8% p.
Home Ask Questions Study Current Affairs Previous Papers Kerala PSCIBPSUPSCRBITNPSCMPSCSSCCBSEUnited StatesModel Tests News More Answers Coaching Centres Careers Downloads Colleges