Indian Institute of Foreign Trade 2012 Solved Paper

Question : 27 of 128

Marks: +1, -0

Mr. Mishra invested Rs.25,000 in two fixed deposits X and Y offering compound interest @ 6% per annum and 8% per annum respectively. If the total amount of interest accrued in two years through both fixed deposits is Rs.3518, the amount invested in Scheme X is

Rs. 12,000
Rs. 13,500
Rs. 15,000
Cannot be determined

Validate

Solution:

Let the amount invested in X = x
Thus, the amount invested in Y

=25000-x

The interest incurred = 3518 Rs, thus the total amount at the end of the 2nd year = 28518 Rs
Thus

x×(1.06)^2+(25000-x)×(1.08)^2=28518

⇒x×1.1236+25000×1.11664-x×1.11664=28518

⇒-0.0428x+29160=28518

⇒642=0.0428x

Hence,

x=15000\Rs

Hence, option C is the correct answer.

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