Question
Download Solution PDFA principal amount is invested at 12% per annum simple interest for a period of 4 years, 11 months, and 28 days in a scheme. The total amount received from this scheme is then invested for 2 years and 2 days in another scheme at 20% per annum compound interest. The compound interest earned from the second scheme is Rs. 1056.4. Find the approximate amount initially invested in the first scheme?
Answer (Detailed Solution Below)
Detailed Solution
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We should take approx. values
So, four years 11 months and 28 days = 5 years
Two years 2 days = 2 years
And 1056.4 Rs = 1056
Equivalent rate of interest at rate of 20% p.a. for two years on compound
interest annually = (20 + 20 + ( 20 × 20) / 100 )% = 44%
Let amount invested in first scheme = 100x
So, amount invested in second scheme = 100x + 100x × (12× 5) /100
= 160x
ATQ, 160x × (44 / 100) = 1056
Or, 1.6x = 24
x = 15
So, 100x = 1500
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