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A sum of money invested for 7years in Scheme 1 which offers SI at a rate of 8% pa. The amount received from Scheme 1 after 7 years invested for 2 years in Scheme 2 which offers CI rate of 10% pa. If the interest received from Scheme B was Rs.1638. What was the sum invested in Scheme 1 ?
- a)Rs.7500
- b)Rs.5000
- c)Rs.8200
- d)Rs.9000
- e)None of these
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
A sum of money invested for 7years in Scheme 1 which offers SI at a ra...
SI ⇒ Amount = x*8*7/100 + x = 56x+100x/100 = 156x/100 = 39x/25
CI⇒ 39x/25[(1+10/100)2 – 1] 1638 = 39x/25[121/100 – 1] = 39x/100[21/100] X
= 1638*100*25/21*39 = 5000
CI⇒ 39x/25[(1+10/100)2 – 1] 1638 = 39x/25[121/100 – 1] = 39x/100[21/100] X
= 1638*100*25/21*39 = 5000
Most Upvoted Answer
A sum of money invested for 7years in Scheme 1 which offers SI at a ra...
Given information:
- Scheme 1 offers simple interest (SI) at a rate of 8% pa.
- The sum of money is invested for 7 years in Scheme 1.
- The amount received from Scheme 1 is invested for 2 years in Scheme 2.
- Scheme 2 offers compound interest (CI) at a rate of 10% pa.
- The interest received from Scheme 2 is Rs. 1638.
To find:
- The sum invested in Scheme 1.
Solution:
Let the sum of money invested in Scheme 1 be Rs. x.
Calculation of interest from Scheme 1:
- SI formula: SI = (P * R * T)/100, where P = principal, R = rate of interest, and T = time period.
- In this case, P = x, R = 8%, and T = 7 years.
- Therefore, interest from Scheme 1 = (x * 8 * 7)/100 = 0.56x.
Calculation of amount received from Scheme 1:
- Amount = Principal + Interest
- Amount received from Scheme 1 after 7 years = x + 0.56x = 1.56x.
Calculation of interest from Scheme 2:
- CI formula: A = P * (1 + R/100)^T, where A = amount, P = principal, R = rate of interest, and T = time period.
- In this case, A = 1.56x, R = 10%, and T = 2 years.
- Let the interest received from Scheme 2 be Rs. y.
- Therefore, 1.56x * (1 + 10/100)^2 - 1.56x = y
Simplifying the above equation:
- 1.56x * 1.1^2 - 1.56x = y
- 1.56x * 1.21 - 1.56x = y
- 0.87x = y
Given that y = Rs. 1638, we can find x:
- 0.87x = 1638
- x = 1885.06
- Rounding off to the nearest thousand, x = Rs. 5000.
Therefore, the sum invested in Scheme 1 is Rs. 5000.
Answer: Option (b) Rs. 5000.
- Scheme 1 offers simple interest (SI) at a rate of 8% pa.
- The sum of money is invested for 7 years in Scheme 1.
- The amount received from Scheme 1 is invested for 2 years in Scheme 2.
- Scheme 2 offers compound interest (CI) at a rate of 10% pa.
- The interest received from Scheme 2 is Rs. 1638.
To find:
- The sum invested in Scheme 1.
Solution:
Let the sum of money invested in Scheme 1 be Rs. x.
Calculation of interest from Scheme 1:
- SI formula: SI = (P * R * T)/100, where P = principal, R = rate of interest, and T = time period.
- In this case, P = x, R = 8%, and T = 7 years.
- Therefore, interest from Scheme 1 = (x * 8 * 7)/100 = 0.56x.
Calculation of amount received from Scheme 1:
- Amount = Principal + Interest
- Amount received from Scheme 1 after 7 years = x + 0.56x = 1.56x.
Calculation of interest from Scheme 2:
- CI formula: A = P * (1 + R/100)^T, where A = amount, P = principal, R = rate of interest, and T = time period.
- In this case, A = 1.56x, R = 10%, and T = 2 years.
- Let the interest received from Scheme 2 be Rs. y.
- Therefore, 1.56x * (1 + 10/100)^2 - 1.56x = y
Simplifying the above equation:
- 1.56x * 1.1^2 - 1.56x = y
- 1.56x * 1.21 - 1.56x = y
- 0.87x = y
Given that y = Rs. 1638, we can find x:
- 0.87x = 1638
- x = 1885.06
- Rounding off to the nearest thousand, x = Rs. 5000.
Therefore, the sum invested in Scheme 1 is Rs. 5000.
Answer: Option (b) Rs. 5000.
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Community Answer
A sum of money invested for 7years in Scheme 1 which offers SI at a ra...
SI ⇒ Amount = x*8*7/100 + x = 56x+100x/100 = 156x/100 = 39x/25
CI⇒ 39x/25[(1+10/100)2 – 1] 1638 = 39x/25[121/100 – 1] = 39x/100[21/100] X
= 1638*100*25/21*39 = 5000
CI⇒ 39x/25[(1+10/100)2 – 1] 1638 = 39x/25[121/100 – 1] = 39x/100[21/100] X
= 1638*100*25/21*39 = 5000
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A sum of money invested for 7years in Scheme 1 which offers SI at a rate of 8% pa. The amount received from Scheme 1 after 7 years invested for 2 years in Scheme 2 which offers CI rate of 10% pa. If the interest received from Scheme B was Rs.1638. What was the sum invested in Scheme 1 ?a)Rs.7500b)Rs.5000c)Rs.8200d)Rs.9000e)None of theseCorrect answer is option 'B'. Can you explain this answer?
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A sum of money invested for 7years in Scheme 1 which offers SI at a rate of 8% pa. The amount received from Scheme 1 after 7 years invested for 2 years in Scheme 2 which offers CI rate of 10% pa. If the interest received from Scheme B was Rs.1638. What was the sum invested in Scheme 1 ?a)Rs.7500b)Rs.5000c)Rs.8200d)Rs.9000e)None of theseCorrect answer is option 'B'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about A sum of money invested for 7years in Scheme 1 which offers SI at a rate of 8% pa. The amount received from Scheme 1 after 7 years invested for 2 years in Scheme 2 which offers CI rate of 10% pa. If the interest received from Scheme B was Rs.1638. What was the sum invested in Scheme 1 ?a)Rs.7500b)Rs.5000c)Rs.8200d)Rs.9000e)None of theseCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A sum of money invested for 7years in Scheme 1 which offers SI at a rate of 8% pa. The amount received from Scheme 1 after 7 years invested for 2 years in Scheme 2 which offers CI rate of 10% pa. If the interest received from Scheme B was Rs.1638. What was the sum invested in Scheme 1 ?a)Rs.7500b)Rs.5000c)Rs.8200d)Rs.9000e)None of theseCorrect answer is option 'B'. Can you explain this answer?.
A sum of money invested for 7years in Scheme 1 which offers SI at a rate of 8% pa. The amount received from Scheme 1 after 7 years invested for 2 years in Scheme 2 which offers CI rate of 10% pa. If the interest received from Scheme B was Rs.1638. What was the sum invested in Scheme 1 ?a)Rs.7500b)Rs.5000c)Rs.8200d)Rs.9000e)None of theseCorrect answer is option 'B'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about A sum of money invested for 7years in Scheme 1 which offers SI at a rate of 8% pa. The amount received from Scheme 1 after 7 years invested for 2 years in Scheme 2 which offers CI rate of 10% pa. If the interest received from Scheme B was Rs.1638. What was the sum invested in Scheme 1 ?a)Rs.7500b)Rs.5000c)Rs.8200d)Rs.9000e)None of theseCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A sum of money invested for 7years in Scheme 1 which offers SI at a rate of 8% pa. The amount received from Scheme 1 after 7 years invested for 2 years in Scheme 2 which offers CI rate of 10% pa. If the interest received from Scheme B was Rs.1638. What was the sum invested in Scheme 1 ?a)Rs.7500b)Rs.5000c)Rs.8200d)Rs.9000e)None of theseCorrect answer is option 'B'. Can you explain this answer?.
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