CAT 2020 Exam Shift 1 Solved Paper

Question : 52 of 76

Marks: +1, -0

Veeru invested Rs 10000 at

5 \%

simple annual interest, and exactly after two years, Joy invested Rs 8000 at

10 \%

simple annual interest. How many years after Veeru's investment, will their balances, i.e., principal plus accumulated interest, be equal?

Solution:

Let after

{n}

years both the sums amount to the equal amounts.
Then,

1000(1+\;{5 ×(n+2)}/{100})=800(1+\;{10 × n}/{100})

Hence 12 years after veeru invested their balances will be equal

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