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?
Correct Answer :
1200 Rs.
Solution :
Let's break down the problem step-by-step to find the value of .
Step 1: Analyze Scheme A
Gopi invested Rs. in Scheme A at a simple interest rate of 15% per annum for 2 years.
The formula for simple interest (SI) is:
Substituting the given values:
The total amount () received from Scheme A is the sum of the principal and the interest:
Step 2: Analyze Scheme B
The entire amount received from Scheme A () 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:
Thus, the interest received from Scheme B is 21% of its principal ():
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:
Substituting the expressions we found:
Therefore, the value of is 1200 Rs.
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