CAT 2019 Shift 2 Paper

Question : 85 of 100

Marks: +1, -0

Amal invests Rs 12000 at 8% interest, compounded annually, and Rs 10000 at 6% interest, compounded semi-annually, both investments being for one year. Bimal invests his money at 7.5% simple interest for one year. If Amal and Bimal get the same amount of interest, then the amount, in Rupees, invested by Bimal is

Your Answer:

Validate

Solution:

Let the amount invested by Bimal be Rs. P
Given, the interest incomes for both are equal. Therefore,

[12000(1+\;{8}/{100})-12000]+[10000(1+\;{3}/{100})^{2}-10000]=\;{P × 7.5 × 1}/{100}

Solving for

{P}

we get P = Rs. 20920

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