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IBPS RRBs Officer Scale I 06 Sep 2015 Paper

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Question : 74 of 200

Marks: +1, -0

A sum of Rs. 2000 was invested for 2 years in scheme A which offers simple interest at the rate of 15% p.a. The amount received after 2 years with some additional money, is then invested in scheme B, for 2 years, which offers compound interest (compounded annually) at the rate of 20% p.a. If the compound interest received from scheme B after 2 years is Rs. 1507, what was the additional money invested in scheme B apart from the amount received from scheme A ?

Rs. 825
Rs. 850
Rs. 900
Rs. 925
None of these

Solution:

(1) S.I. for 2 years

=

\frac{P \times R \times T}{100}

=

\frac{2000 \times 15 \times 2}{100}

=Rs 600

⇒ Amount = Rs. (2000 + 600)

= Rs. 2600

Let the additional money be Rs. x.

According to the question,

C.I=

P^{1}\left[\left(1+\frac{R}{100}\right)^{T}-1\right]

1507=

(2600+x)\left[\left(1+\frac{20}{100}\right)^{2}-1\right]

⇒1507=

(2600+x)\left[\left(1+\frac{1}{5}\right)^{2}-1\right]

⇒1507=

(2600+x)\left(\frac{36}{25}-1\right)

⇒1507=

(2600+x)\left(\frac{36-25}{25}\right)

⇒1507=

(2600+x)\left(\frac{11}{25}\right)

⇒2600+x=

\frac{1507 \times 25}{11}

=3425

⇒ x = 3425 – 2600 = Rs. 825

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