Monica deposited a total of Rs. 10500 with a | vedclass

Name: Exam Paper Generator | JEE NEET Paper Generator | Vedclass
Brand: Vedclass
Rating: 5 (35 reviews)

Question

(B) Let the amount invested in the first scheme be $Rs. x$ and in the second scheme be $Rs. (10500 - x)$.The rate of interest is $10 \% \, p.a.$ compo

Vedclass · Accepted Answer

$5000$

Vedclass · Answer

(B) Let the amount invested in the first scheme be $Rs. x$ and in the second scheme be $Rs. (10500 - x)$.The rate of interest is $10 \% \, p.a.$ compounded annually.The amount after $n$ years is given by $A = P(1 + r/100)^n$.For the first scheme,the amount after $2 \, years$ is $A_1 = x(1 + 10/100)^2 = x(1.1)^2 = 1.21x$.For the second scheme,the amount after $3 \, years$ is $A_2 = (10500 - x)(1 + 10/100)^3 = (10500 - x)(1.1)^3 = 1.331(10500 - x)$.Since the amounts are equal,$1.21x = 1.331(10500 - x)$.$1.21x = 13975.5 - 1.331x$.$1.21x + 1.331x = 13975.5$.$2.541x = 13975.5$.$x = 13975.5 / 2.541 = 5500$.The amount deposited for $3 \, years$ is $(10500 - x) = 10500 - 5500 = Rs. 5000$.

Similar Questions

$A$ sum of $Rs. 8448$ is to be divided between $X$ and $Y$ who are respectively $18$ and $19 \,yr$ old,in such a way that if their shares be invested at $6.25 \%$ per annum at compound interest,they will receive equal amounts on attaining the age of $21 \,yr$. The present share of $X$ is (In $Rs.$)

If the compound interest on a certain sum of money for $3$ years at $5 \%$ p.a. is $Rs. 504.40$,find the corresponding simple interest. (In $Rs.$)

$A$ sum of money placed at compound interest doubles itself in $4$ $years$. In how many $years$ will it amount to four times itself?

The simple interest accrued on an amount of $Rs. 19800$ at the end of $3$ years is $Rs. 7128$. What would be the compound interest (in $Rs.$) accrued on the same amount at the same rate in the same period?

Vedclass Test Series

Exam Paper Generator

Online Exam Module