LIC AAO 05 May 2019 Paper

Question : 42 of 100

Marks: +1, -0

Rumi invested a certain sum for 2 years in scheme X at 20% p.a. compound interest (compounded annually). He also invested an equal sum in scheme Y at 15% p.a. simple interest for 2 years. If the difference between the interests earned from in schemes X and Y, is Rs. 350, what was the sum ?

Rs. 2000
Rs. 1200
Rs. 2500
Rs. 4000
Rs. 3000

Validate

Solution:

(3) Let the investment be Rs. P.
C.I. obtained from scheme X

= P[ (1+R/100)^T-1]

= P[ (1+20/100)^2-1]

= P[( 6/ 5 )^2-1 ]

P (36 /25 -1)

Rs. {11P}/ 25

Interest from scheme Y

= {P ×2× 15} /100 = Rs. {3P}/ 10

∴

{11P} /25- {3P} /10= 350

⇒

{22P -15P}/ 50 = 350

⇒

7P = 350 × 50

⇒

P ={350 ×50}/7

= Rs. 2500

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