Compound Interest Practice Test 4

Question : 12 of 40

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 the fixed deposits is Rs 3,518, the amount invested in Scheme X is:

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

Validate

Solution:

Sum of money deposited by X = x
Sum of money deposited by Y = 25,000 - x
Compound Interest = Rs 3,518
Amount = 25,000 + 3,518 = Rs 28,518
Now

28518=x(1+6/100)^2

+(25000-x)(1+8/100)^2

28518=x(53/50)^2

+(25000-x)( 27/25)^2

28,518= 1.1236x+ 29,160- 1.1664 x

28,518 -29,160 =1.1236x- 1.664 x

x = Rs 15,000

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