A man invested Rs. X and Rs. 2X at 15% simple interest and at 8% compound…
2022
A man invested Rs. X and Rs. 2X at 15% simple interest and at 8% compound interest (compounding annually) for two years respectively. If difference between simple interest and compound interest received after two years is Rs.820, then find the value of X.
Answer: A. Rs.25000 — Simple interest on X at 15% for 2 years is 0.30X. Compound interest on 2X at 8% for 2 years is 2X(1.08^2 - 1) = 0.3328X. Difference = 0.0328X = 820, so X =…
- A.
Rs.25000
- B.
Rs.30600
- C.
Rs.28600
- D.
Rs.22200
- E.
Rs.26200
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Correct answer: A
Simple interest on X at 15% for 2 years is 0.30X. Compound interest on 2X at 8% for 2 years is 2X(1.08^2 - 1) = 0.3328X. Difference = 0.0328X = 820, so X = 25,000.
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