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A sum of money was invested for 14 years in scheme A which offers simple intrest @8% per annum. The amount received from Scheme A after 14 years was then invested for two years in Scheme B which offers CI @ 10% per annum. If the intrest received from Scheme B was Rs. 6678, then what was the sum invested in Scheme A?
- a)Rs. 8000
- b)Rs. 10000
- c)Rs. 12500
- d)Rs. 15000
- e)None of these
Correct answer is option 'D'. Can you explain this answer?
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A sum of money was invested for 14 years in scheme A which offers simp...
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A sum of money was invested for 14 years in scheme A which offers simp...
To solve this question, we'll follow these steps:
1. Calculate the amount received from Scheme A after 14 years.
2. Use the amount received from Scheme A to calculate the principal amount for Scheme B.
3. Calculate the interest received from Scheme B.
4. Use the interest received from Scheme B to find the principal amount for Scheme A.
Let's calculate each step in detail:
1. Calculate the amount received from Scheme A after 14 years:
The simple interest formula is:
Interest = (Principal * Rate * Time) / 100
Let's assume the principal amount for Scheme A is P.
Rate = 8% per annum = 8/100 = 0.08
Time = 14 years
So, the interest received from Scheme A after 14 years is:
Interest_A = (P * 0.08 * 14) / 100 = 1.12P
The total amount received from Scheme A after 14 years is:
Amount_A = Principal + Interest_A = P + 1.12P = 2.12P
2. Use the amount received from Scheme A to calculate the principal amount for Scheme B:
Let's assume the principal amount for Scheme B is Q.
Rate = 10% per annum = 10/100 = 0.10
Time = 2 years
Using the compound interest formula:
Amount_B = Q * (1 + Rate)^Time
Given that the interest received from Scheme B after 2 years is Rs. 6678, we can write:
Interest_B = Amount_B - Q
6678 = Q * (1.10^2) - Q
6678 = 1.21Q - Q
6678 = 0.21Q
Q = 6678 / 0.21
Q = 31714.28
So, the principal amount for Scheme B is approximately Rs. 31714.28.
3. Calculate the interest received from Scheme B:
Using the compound interest formula:
Interest_B = Amount_B - Q
Let's calculate Amount_B:
Amount_B = Q * (1 + Rate)^Time
Amount_B = 31714.28 * (1 + 0.10)^2
Amount_B = 31714.28 * 1.21
Amount_B = 38338.57
Interest_B = Amount_B - Q
Interest_B = 38338.57 - 31714.28
Interest_B = 6638.57
So, the interest received from Scheme B is approximately Rs. 6638.57.
4. Use the interest received from Scheme B to find the principal amount for Scheme A:
We know that the interest received from Scheme B is Rs. 6678.
Using the simple interest formula:
Interest_A = (Principal * Rate * Time) / 100
Let's assume the principal amount for Scheme A is P.
Rate = 8% per annum = 8/100 = 0.08
Time = 14 years
We can write:
6678 = (P * 0.08 * 14) / 100
6678 = 0.112P
P = 6678 / 0.112
P = 59553.57
So, the sum invested in Scheme A is approximately Rs. 59553.57, which is not one of the given options.
Therefore,
1. Calculate the amount received from Scheme A after 14 years.
2. Use the amount received from Scheme A to calculate the principal amount for Scheme B.
3. Calculate the interest received from Scheme B.
4. Use the interest received from Scheme B to find the principal amount for Scheme A.
Let's calculate each step in detail:
1. Calculate the amount received from Scheme A after 14 years:
The simple interest formula is:
Interest = (Principal * Rate * Time) / 100
Let's assume the principal amount for Scheme A is P.
Rate = 8% per annum = 8/100 = 0.08
Time = 14 years
So, the interest received from Scheme A after 14 years is:
Interest_A = (P * 0.08 * 14) / 100 = 1.12P
The total amount received from Scheme A after 14 years is:
Amount_A = Principal + Interest_A = P + 1.12P = 2.12P
2. Use the amount received from Scheme A to calculate the principal amount for Scheme B:
Let's assume the principal amount for Scheme B is Q.
Rate = 10% per annum = 10/100 = 0.10
Time = 2 years
Using the compound interest formula:
Amount_B = Q * (1 + Rate)^Time
Given that the interest received from Scheme B after 2 years is Rs. 6678, we can write:
Interest_B = Amount_B - Q
6678 = Q * (1.10^2) - Q
6678 = 1.21Q - Q
6678 = 0.21Q
Q = 6678 / 0.21
Q = 31714.28
So, the principal amount for Scheme B is approximately Rs. 31714.28.
3. Calculate the interest received from Scheme B:
Using the compound interest formula:
Interest_B = Amount_B - Q
Let's calculate Amount_B:
Amount_B = Q * (1 + Rate)^Time
Amount_B = 31714.28 * (1 + 0.10)^2
Amount_B = 31714.28 * 1.21
Amount_B = 38338.57
Interest_B = Amount_B - Q
Interest_B = 38338.57 - 31714.28
Interest_B = 6638.57
So, the interest received from Scheme B is approximately Rs. 6638.57.
4. Use the interest received from Scheme B to find the principal amount for Scheme A:
We know that the interest received from Scheme B is Rs. 6678.
Using the simple interest formula:
Interest_A = (Principal * Rate * Time) / 100
Let's assume the principal amount for Scheme A is P.
Rate = 8% per annum = 8/100 = 0.08
Time = 14 years
We can write:
6678 = (P * 0.08 * 14) / 100
6678 = 0.112P
P = 6678 / 0.112
P = 59553.57
So, the sum invested in Scheme A is approximately Rs. 59553.57, which is not one of the given options.
Therefore,
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A sum of money was invested for 14 years in scheme A which offers simple intrest @8% per annum. The amount received from Scheme A after 14 years was then invested for two years in Scheme B which offers CI @ 10% per annum. If the intrest received from Scheme B was Rs. 6678, then what was the sum invested in Scheme A?a)Rs. 8000b)Rs. 10000c)Rs. 12500d)Rs. 15000e)None of theseCorrect answer is option 'D'. Can you explain this answer?
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A sum of money was invested for 14 years in scheme A which offers simple intrest @8% per annum. The amount received from Scheme A after 14 years was then invested for two years in Scheme B which offers CI @ 10% per annum. If the intrest received from Scheme B was Rs. 6678, then what was the sum invested in Scheme A?a)Rs. 8000b)Rs. 10000c)Rs. 12500d)Rs. 15000e)None of theseCorrect answer is option 'D'. 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 was invested for 14 years in scheme A which offers simple intrest @8% per annum. The amount received from Scheme A after 14 years was then invested for two years in Scheme B which offers CI @ 10% per annum. If the intrest received from Scheme B was Rs. 6678, then what was the sum invested in Scheme A?a)Rs. 8000b)Rs. 10000c)Rs. 12500d)Rs. 15000e)None of theseCorrect answer is option 'D'. 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 was invested for 14 years in scheme A which offers simple intrest @8% per annum. The amount received from Scheme A after 14 years was then invested for two years in Scheme B which offers CI @ 10% per annum. If the intrest received from Scheme B was Rs. 6678, then what was the sum invested in Scheme A?a)Rs. 8000b)Rs. 10000c)Rs. 12500d)Rs. 15000e)None of theseCorrect answer is option 'D'. Can you explain this answer?.
A sum of money was invested for 14 years in scheme A which offers simple intrest @8% per annum. The amount received from Scheme A after 14 years was then invested for two years in Scheme B which offers CI @ 10% per annum. If the intrest received from Scheme B was Rs. 6678, then what was the sum invested in Scheme A?a)Rs. 8000b)Rs. 10000c)Rs. 12500d)Rs. 15000e)None of theseCorrect answer is option 'D'. 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 was invested for 14 years in scheme A which offers simple intrest @8% per annum. The amount received from Scheme A after 14 years was then invested for two years in Scheme B which offers CI @ 10% per annum. If the intrest received from Scheme B was Rs. 6678, then what was the sum invested in Scheme A?a)Rs. 8000b)Rs. 10000c)Rs. 12500d)Rs. 15000e)None of theseCorrect answer is option 'D'. 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 was invested for 14 years in scheme A which offers simple intrest @8% per annum. The amount received from Scheme A after 14 years was then invested for two years in Scheme B which offers CI @ 10% per annum. If the intrest received from Scheme B was Rs. 6678, then what was the sum invested in Scheme A?a)Rs. 8000b)Rs. 10000c)Rs. 12500d)Rs. 15000e)None of theseCorrect answer is option 'D'. Can you explain this answer?.
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