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Amal invests ₹ 12000 at 8% interest, compounded annually, and ₹10000 at 6% interest, compounded semi-annually, both investments being for one year. Bimal invests his money at 7.5% simple interest for one year. If Amal and Bimal get the same amount of interest, then the amount, in Rupees, invested by Bimal is
(2019)
  • a)
    20925
  • b)
    20920
  • c)
    20930
  • d)
    20940
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
Amal invests 12000 at 8% interest, compounded annually, and 10000 at ...
Let the amount invested by Bimal be ₹ P Since the interest earns by both Anil and Bimal are equal, therefore,




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Amal invests 12000 at 8% interest, compounded annually, and 10000 at ...
Given Information:
- Amal invests Rs. 12000 at 8% interest, compounded annually
- Amal invests Rs. 10000 at 6% interest, compounded semi-annually
- Bimal invests his money at 7.5% simple interest for one year
- Amal and Bimal get the same amount of interest

Calculating Interest for Amal:
- For the first investment: Rs. 12000 at 8% compounded annually
- Interest = P(1 + r/n)^(nt) - P
- Interest = 12000(1 + 0.08/1)^(1*1) - 12000
- Interest = 12000(1.08) - 12000
- Interest = 1296
- For the second investment: Rs. 10000 at 6% compounded semi-annually
- Interest = P(1 + r/n)^(nt) - P
- Interest = 10000(1 + 0.06/2)^(2*1) - 10000
- Interest = 10000(1.03)^2 - 10000
- Interest = 10000(1.0609) - 10000
- Interest = 609

Calculating Total Interest for Amal:
- Total interest = 1296 + 609
- Total interest = 1905

Calculating Amount Invested by Bimal:
- Let the amount invested by Bimal be x
- Interest earned by Bimal = x * 0.075
- Given that Bimal's interest is equal to Amal's total interest
- x * 0.075 = 1905
- x = 1905 / 0.075
- x = 25400
Therefore, the amount invested by Bimal is Rs. 25400, which is closest to option B (Rs. 20920).
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Amal invests 12000 at 8% interest, compounded annually, and 10000 at 6% interest, compounded semi-annually, both investments being for one year. Bimal invests his money at 7.5% simple interest for one year. If Amal and Bimal get the same amount of interest, then the amount, in Rupees, invested by Bimal is(2019)a)20925b)20920c)20930d)20940Correct answer is option 'B'. Can you explain this answer?
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Amal invests 12000 at 8% interest, compounded annually, and 10000 at 6% interest, compounded semi-annually, both investments being for one year. Bimal invests his money at 7.5% simple interest for one year. If Amal and Bimal get the same amount of interest, then the amount, in Rupees, invested by Bimal is(2019)a)20925b)20920c)20930d)20940Correct answer is option 'B'. Can you explain this answer? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about Amal invests 12000 at 8% interest, compounded annually, and 10000 at 6% interest, compounded semi-annually, both investments being for one year. Bimal invests his money at 7.5% simple interest for one year. If Amal and Bimal get the same amount of interest, then the amount, in Rupees, invested by Bimal is(2019)a)20925b)20920c)20930d)20940Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Amal invests 12000 at 8% interest, compounded annually, and 10000 at 6% interest, compounded semi-annually, both investments being for one year. Bimal invests his money at 7.5% simple interest for one year. If Amal and Bimal get the same amount of interest, then the amount, in Rupees, invested by Bimal is(2019)a)20925b)20920c)20930d)20940Correct answer is option 'B'. Can you explain this answer?.
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