Home
Class 14
MATHS
Veer Invested X Rs. in SBI at the rate o...

Veer Invested X Rs. in SBI at the rate of 18% for 2 year and obtained a total simple interest of 6750 Rs. If he invested 2250 Rs. more for same period time at the rate of `14(2)/(7)%` for first year and at `16(2)/(3)` for `2^(nd)` year on compound annually. Then find the total compound interest obtained by Veer after 2 year?

A

6000 Rs.

B

5000 Rs.

C

3000 Rs.

D

7000 Rs.

Text Solution

AI Generated Solution

The correct Answer is:
To solve the problem step by step, we will break it down into parts: calculating the principal amount from the simple interest and then determining the compound interest from the second investment. ### Step 1: Calculate the Principal Amount (X) from Simple Interest The formula for Simple Interest (SI) is given by: \[ SI = \frac{P \times R \times T}{100} \] Where: - \(SI\) = Simple Interest - \(P\) = Principal amount - \(R\) = Rate of interest - \(T\) = Time in years From the question: - \(SI = 6750\) Rs - \(R = 18\%\) - \(T = 2\) years Plugging in the values: \[ 6750 = \frac{X \times 18 \times 2}{100} \] ### Step 2: Rearranging to find X Rearranging the equation to solve for \(X\): \[ 6750 = \frac{36X}{100} \] \[ 6750 \times 100 = 36X \] \[ 675000 = 36X \] \[ X = \frac{675000}{36} = 18750 \text{ Rs} \] ### Step 3: Calculate the Total Amount Invested in the Second Scheme Veer invested an additional 2250 Rs, so the total principal for the second investment is: \[ Total\ Principal = 18750 + 2250 = 21000 \text{ Rs} \] ### Step 4: Calculate Compound Interest for the Second Investment The rates for the two years are: - First year: \(14 \frac{2}{7}\% = \frac{104}{7}\%\) - Second year: \(16 \frac{2}{3}\% = \frac{50}{3}\%\) #### First Year Calculation For the first year, the amount after interest will be: \[ A_1 = P \left(1 + \frac{R_1}{100}\right) = 21000 \left(1 + \frac{104/7}{100}\right) \] Calculating the first year's interest: \[ A_1 = 21000 \left(1 + \frac{104}{700}\right) = 21000 \left(\frac{700 + 104}{700}\right) = 21000 \left(\frac{804}{700}\right) \] \[ A_1 = 21000 \times \frac{804}{700} = 21000 \times 1.14857 \approx 22019.57 \text{ Rs} \] #### Second Year Calculation Now for the second year: \[ A_2 = A_1 \left(1 + \frac{R_2}{100}\right) = 22019.57 \left(1 + \frac{50/3}{100}\right) \] Calculating the second year's interest: \[ A_2 = 22019.57 \left(1 + \frac{50}{300}\right) = 22019.57 \left(\frac{300 + 50}{300}\right) = 22019.57 \left(\frac{350}{300}\right) \] \[ A_2 = 22019.57 \times \frac{350}{300} \approx 22019.57 \times 1.16667 \approx 25796.67 \text{ Rs} \] ### Step 5: Calculate the Total Compound Interest The total compound interest (CI) earned is given by: \[ CI = A - P \] Where \(A\) is the total amount after 2 years and \(P\) is the principal amount invested in the second scheme. \[ CI = 25796.67 - 21000 = 4796.67 \text{ Rs} \] ### Conclusion The total compound interest obtained by Veer after 2 years is approximately 4796.67 Rs.
Promotional Banner

Topper's Solved these Questions

  • SIMPLE INTEREST AND COMPOUND INTEREST

    ADDA247|Exercise Previous Year Question|30 Videos
  • SIMPLE INTEREST AND COMPOUND INTEREST

    ADDA247|Exercise Prelims Questions (Level -2)|30 Videos
  • RATIO & PROPORTION AND PARTNERSHIP

    ADDA247|Exercise PREVIOUS YEAR QUESTIONS|20 Videos
  • SPEED, TIME AND DISTANCE

    ADDA247|Exercise Previous Year Questions|31 Videos
ADDA247-SIMPLE INTEREST AND COMPOUND INTEREST-Mains Questions
  1. A person invested Rs. 20000 in a bank which is offering 10% per annum ...

    Text Solution

    |

  2. A person invested Rs. 20000 in a bank which is offering 10% per annum ...

    Text Solution

    |

  3. Abhishek invested a certain amount at the rate of 8 % per annum for 5 ...

    Text Solution

    |

  4. If-a sum is invested in scheme B at C.I, then amount obtained after 2 ...

    Text Solution

    |

  5. Sameer borrowed 17500 Rs. from Divyaraj on compound interest annually ...

    Text Solution

    |

  6. Ankur invested X Rs. at the rate of 15% per annum on compound interest...

    Text Solution

    |

  7. A total of Rs 18,750 is invested by a man in the bank account of his t...

    Text Solution

    |

  8. Veer Invested X Rs. in SBI at the rate of 18% for 2 year and obtained ...

    Text Solution

    |

  9. Veer invested Rs 22500 for 2 year at the Rate of r% in scheme A at com...

    Text Solution

    |

  10. A bank offers 10% p.a. at CI in scheme 'A', 20% p.a. at CI in scheme '...

    Text Solution

    |

  11. Satish borrowed education loan of Rs 75000 from SBI at the rate of 10%...

    Text Solution

    |

  12. Veer inyested Rs. 21000 in a scheme on compound interest, which offer...

    Text Solution

    |

  13. Satish invested 16000 Rs. in simple interest for 2 years on certain ra...

    Text Solution

    |

  14. Bhavya and Veer invested their principle in two different schemes, Bha...

    Text Solution

    |

  15. P invested Rs. X in a scheme for 2 year which offered simple at the ra...

    Text Solution

    |

  16. According to a census report, the population growth rate of Faridabad ...

    Text Solution

    |

  17. Monica deposited a total of Rs. 10500 with a bank in two different dep...

    Text Solution

    |

  18. A part of Rs. 40800 is lent out at 7% for six months. The rest of the ...

    Text Solution

    |

  19. Sapna borrowed a certain sum of money, from Kavita under the following...

    Text Solution

    |

  20. If the compound interest on a certain sum of money for 2 years is Rs. ...

    Text Solution

    |