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A sum of money was invested for 14 yr in Scheme A which offers simple interest at a rate of 8% per annum. The amount received from Scheme A after 14 yr was then invested for two years in Scheme B which offers compound interest (compound annually) at a rate of 10% per annum. If the interest received from Scheme B was Rs. 6678, then what was the sum invested in Scheme A?
- a)Rs. 15500
- b)Rs. 14500
- c)Rs. 16000
- d)Rs. 12500
- e)Rs. 15000
Correct answer is option 'E'. Can you explain this answer?
Verified Answer
A sum of money was invested for 14 yr in Scheme A which offers simple ...
Let the principal invested in sachem A
SI= (P × R × T)/100
⇒ SI= (P × 14 × 8)/100
⇒ SI= 112P/100
A = P + I = P+ 112P/100=212/100 P
On compound interest in scheme B,
A= 212P/100 (1+10/100)^2
=212P/100×(110/100)^2=212P/100×121/100=25652/10000 P
Interest received from scheme B,
=25652P/10000-212P/100=(25652 P - 21200 P)/10000=(4452 P)/10000
But given, (4452 P)/10000=6678
⇒ P= (6678 × 10000)/4452 = Rs. 15000
Most Upvoted Answer
A sum of money was invested for 14 yr in Scheme A which offers simple ...
Solution:
Given data:
- Scheme A: Simple interest at 8% per annum
- Scheme B: Compound interest at 10% per annum
- Time in Scheme A: 14 years
- Time in Scheme B: 2 years
- Interest received from Scheme B: Rs. 6678
Calculation:
Step 1: Calculate the amount received from Scheme A after 14 years
- Using the formula for simple interest: A = P(1 + rt)
- A = P(1 + 0.08*14)
- A = P(1.112)
- A = 1.112P
Step 2: Calculate the principal amount for Scheme B
- The amount received from Scheme A is invested in Scheme B for 2 years
- Using the formula for compound interest: A = P(1 + r/n)^(nt)
- 1.112P = P(1 + 0.10/1)^(1*2)
- 1.112 = 1.1^2
- 1.112 = 1.21
Step 3: Calculate the principal amount for Scheme A
- Divide the amount received from Scheme B (1.112P) by 1.112 to find the principal amount for Scheme A
- Principal amount for Scheme A = 1.112P / 1.112 = P
Conclusion:
- The sum invested in Scheme A is Rs. 15000
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A sum of money was invested for 14 yr in Scheme A which offers simple interest at a rate of 8% per annum. The amount received from Scheme A after 14 yr was then invested for two years in Scheme B which offers compound interest (compound annually) at a rate of 10% per annum. If the interest received from Scheme B was Rs. 6678, then what was the sum invested in Scheme A?a)Rs. 15500b)Rs. 14500c)Rs. 16000d)Rs. 12500e)Rs. 15000Correct answer is option 'E'. Can you explain this answer?
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A sum of money was invested for 14 yr in Scheme A which offers simple interest at a rate of 8% per annum. The amount received from Scheme A after 14 yr was then invested for two years in Scheme B which offers compound interest (compound annually) at a rate of 10% per annum. If the interest received from Scheme B was Rs. 6678, then what was the sum invested in Scheme A?a)Rs. 15500b)Rs. 14500c)Rs. 16000d)Rs. 12500e)Rs. 15000Correct answer is option 'E'. Can you explain this answer? for Banking Exams 2025 is part of Banking Exams preparation. The Question and answers have been prepared according to the Banking Exams exam syllabus. Information about A sum of money was invested for 14 yr in Scheme A which offers simple interest at a rate of 8% per annum. The amount received from Scheme A after 14 yr was then invested for two years in Scheme B which offers compound interest (compound annually) at a rate of 10% per annum. If the interest received from Scheme B was Rs. 6678, then what was the sum invested in Scheme A?a)Rs. 15500b)Rs. 14500c)Rs. 16000d)Rs. 12500e)Rs. 15000Correct answer is option 'E'. Can you explain this answer? covers all topics & solutions for Banking Exams 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A sum of money was invested for 14 yr in Scheme A which offers simple interest at a rate of 8% per annum. The amount received from Scheme A after 14 yr was then invested for two years in Scheme B which offers compound interest (compound annually) at a rate of 10% per annum. If the interest received from Scheme B was Rs. 6678, then what was the sum invested in Scheme A?a)Rs. 15500b)Rs. 14500c)Rs. 16000d)Rs. 12500e)Rs. 15000Correct answer is option 'E'. Can you explain this answer?.
A sum of money was invested for 14 yr in Scheme A which offers simple interest at a rate of 8% per annum. The amount received from Scheme A after 14 yr was then invested for two years in Scheme B which offers compound interest (compound annually) at a rate of 10% per annum. If the interest received from Scheme B was Rs. 6678, then what was the sum invested in Scheme A?a)Rs. 15500b)Rs. 14500c)Rs. 16000d)Rs. 12500e)Rs. 15000Correct answer is option 'E'. Can you explain this answer? for Banking Exams 2025 is part of Banking Exams preparation. The Question and answers have been prepared according to the Banking Exams exam syllabus. Information about A sum of money was invested for 14 yr in Scheme A which offers simple interest at a rate of 8% per annum. The amount received from Scheme A after 14 yr was then invested for two years in Scheme B which offers compound interest (compound annually) at a rate of 10% per annum. If the interest received from Scheme B was Rs. 6678, then what was the sum invested in Scheme A?a)Rs. 15500b)Rs. 14500c)Rs. 16000d)Rs. 12500e)Rs. 15000Correct answer is option 'E'. Can you explain this answer? covers all topics & solutions for Banking Exams 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A sum of money was invested for 14 yr in Scheme A which offers simple interest at a rate of 8% per annum. The amount received from Scheme A after 14 yr was then invested for two years in Scheme B which offers compound interest (compound annually) at a rate of 10% per annum. If the interest received from Scheme B was Rs. 6678, then what was the sum invested in Scheme A?a)Rs. 15500b)Rs. 14500c)Rs. 16000d)Rs. 12500e)Rs. 15000Correct answer is option 'E'. Can you explain this answer?.
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