Question Details

Gopi invested Rs. X in scheme A at rate of 15% p.a. for two years. The amount received by Gopi from scheme A is reinvest in scheme B at the rate of 10% p.a. for two years on compound interest. If the difference between interest received from A and B is 32.4, then find X?

Options

A

1500 Rs.

B

1200 Rs.

C

1000 Rs.

D

1800 Rs.

Show Answer

Correct Answer :

Option B

1200 Rs.

1200 Rs.

Solution :

Let's break down the problem step-by-step to find the value of X.

Step 1: Analyze Scheme A
Gopi invested Rs. X in Scheme A at a simple interest rate of 15% per annum for 2 years.
The formula for simple interest (SI) is:
InterestA=Principal×Rate×Time100
Substituting the given values:
InterestA=X×15×2100=30X100=0.3X

The total amount (AA) received from Scheme A is the sum of the principal and the interest:
AA=X+0.3X=1.3X

Step 2: Analyze Scheme B
The entire amount received from Scheme A (1.3X) is reinvested in Scheme B at a rate of 10% per annum for 2 years compounded annually.
The compound interest (CI) rate of 10% for 2 years has an effective interest rate of:
Effective Rate=10+10+10×10100=21%
Thus, the interest received from Scheme B is 21% of its principal (1.3X):
InterestB=1.3X×21100=1.3X×0.21=0.273X

Step 3: Calculate the Difference and Find X
We are given that the difference between the interest received from Scheme A and Scheme B is Rs. 32.4:
InterestA-InterestB=32.4
Substituting the expressions we found:
0.3X-0.273X=32.4
0.027X=32.4
X=32.40.027
X=3240027=1200

Therefore, the value of X is 1200 Rs.

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