₹5200 was partly invested in Scheme A at 10% pa CI for 2 years and Partly invested in Scheme B at 10% pa SI for 4 years. Both the schemes earn equal interests. How much was invested in Scheme A?
(a) ₹1790
(b) ₹2200
(c) ₹3410
(d) ₹2670
(e) None of these
Solution: (c)
Amount invested in Scheme B = X
Amount invested in Scheme A = 5200 – x
\(\displaystyle x\times 10\times \frac{4}{{100}}=(5200-x)\times \frac{{21}}{{100}}\)
\(\displaystyle [(1-\frac{{10}}{{100}})2-1]=\frac{{21}}{{100}}\)
\(\displaystyle \frac{{40x}}{{100}}=(5200-x)\times \frac{{21}}{{100}}\)
\(\displaystyle \frac{{2x}}{5}=(5200-x)\times \frac{{21}}{{100}}\)
200x = 5200×21×5 – x×5×21
200x = 546000 – 105x
305x = 546000
x = 1790
Scheme A = 5200 – 1790 = 3410
A sum of money invested at compound interest amounts to Rs. 4624 in 2 years and Rs. 4913 in 3 years. The sum of money is?
\(\displaystyle \begin{array}{*{20}{c}} P \\ {16} \\ {16} \\ {256} \end{array}\begin{array}{*{20}{c}} A \\ {17} \\ {17} \\ {289} \end{array}\)
\(\displaystyle \Rightarrow \)289 unit = 4624
\(\displaystyle \Rightarrow \)1 unit = 16
\(\displaystyle \Rightarrow \)P = 256 × 16
\(\displaystyle \Rightarrow \)P = 4096
Therefore, the sum of money is Rs. 4096
If the compound interest on a sum of money for 3 years at the rate of 5% per annum is Rs. 252.20, the simple interest on the same sum at the same rate and for the same time is ?
(a) Rs. 220
(b) Rs. 240
(c) Rs. 245
(d) Rs. 250
(e) Rs. 255
Solution: (b)
Rate = 5%
Time = 3 years
Compound Interest Rs. 252.20
Effective rate% of CI for 3 years = 15.7625%
Effective rate% of SI for 3 years = 5×3 = 15%
Required SI= \(\displaystyle \frac{{252.50}}{{15.7625}}\times 15\)
=Rs. 240
Alternate method,
Suppose principal be P .
Here , Principal ( P ) = ? , Compound Interest ( CI ) = ₹ 252.20 , Rate ( R ) = 5% , Time = 3 years
\(\displaystyle \begin{array}{l}\Rightarrow P\left[ {{{{\left( {1+\frac{5}{{100}}} \right)}}^{3}}-1} \right]=252.20\\\Rightarrow P\left[ {{{{\left( {\frac{{21}}{{20}}} \right)}}^{3}}-1} \right]=252.20\\\Rightarrow P\left[ {\frac{{21\times 21\times 21-20\times 20\times 20}}{{20\times 20\times 20}}} \right]=252.20\\\Rightarrow P\left[ {\frac{{1261}}{{8000}}} \right]=252.20\\\Rightarrow P=1600\\SimpleInterest=\frac{{PRT}}{{100}}\\\Rightarrow SI=\frac{{1600\times 5\times 3}}{{100}}\\=Rs.240\end{array}\)
A man gets a simple interest on Rs. 1000 on a certain principal at the rate of 5 p.c.p.a. in 4 years. What compound interest will the man get on twice the principal in 2 years at the same rate?
(a) Rs. 1000
(b) Rs. 1005
(c) Rs. 1025
(d) Rs. 1105
(e) None of these
Solution: (c)
\(\displaystyle \begin{array}{l}\Pr incipal=Rs.\left( {\frac{{100\times 1000}}{{5\times 4}}} \right)\\=Rs.5000\\Now,P=Rs.10000,\\T=2years,\\R=5\%\\Amount=Rs.\left[ {10000\times {{{\left( {1+\frac{5}{{100}}} \right)}}^{2}}} \right]\\=Rs.\left( {10000\times \frac{{21}}{{20}}\times \frac{{21}}{{20}}} \right)\\=Rs.11025\\\Rightarrow CI=11025-10000\\=Rs.1025\end{array}\)
Alternate method,
Let the principal amount be ‘x’
Therefore, According to the 1st given condition,
\(\displaystyle \Rightarrow \)1000 = (x × 4 × 5)/100
\(\displaystyle \Rightarrow \) x = 5000
Therefore the required amount= \(\displaystyle 2\times 5000\times {{\left( {1+\frac{{0.05}}{1}} \right)}^{{1\times 2}}}-\left( {2\times 5000} \right)\)
=Rs. 1025
The difference between simple interest ans compound interest on Rs. P at R% p.a in 2 years is ?
A finance company declares that, at a certain compound interest rate, a sum of money deposited by anyone will become 8 times in 3 years. If the same amount is deposited at the same compound rate of interest, then in how many years will it become 16 times ?