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RBI Grade B Officers 21 Nov 2015 Paper

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Question : 22 of 200

Marks: +1, -0

An equal sum is invested for seven years in Scheme A offering simple interest at x% p.a. and in scheme B for two years offering compound interest at 10% p.a. (compounded annually). The interest earned from scheme A is thrice of the interest earned from scheme B. Had the rate interest been (x – 4)% simple interest per annum in scheme A, the difference in the interest earned from both the schemes would have been Rs. 700. What was the sum invested in each of the schemes?

Rs. 8000
Rs. 5000
Rs. 6000
Rs. 4500
Rs. 10000

Solution:

(2) Investment in each scheme = Rs. y

S.I. =

\frac{ \text{Principal} \times \text{Time} \times \text{Rate} }{100}

C.I. = P

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

Case I,

\frac{y \times 7 \times x}{100} = 3y\left[\left[1+\frac{10}{100}\right]^2 -1\right]

\frac{7x}{100} = 3\left[\left[\frac{11}{10}\right]^2 -1\right]

\frac{7x}{100} = 3\left[\frac{121}{100}-1\right]

\Rightarrow \frac{7x}{100} = \frac{3\times21}{100}

⇒x = 9% per annumCase II,

New rate of S.I.

= 5% per annumAccording to the question,

\frac{y\times5\times7}{100} - y\left[\left[1+\frac{10}{100}\right]^2-1\right]

=700

\Rightarrow \frac{35y}{100} - y\left[\frac{121}{100}-1\right] = 700

\Rightarrow \frac{35y}{100} - \frac{21y}{100} = 700

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