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Harish invested the same amount in two schemes U and V. Scheme U offers simple interest at the rate of 15% p.a. for three years, and scheme V offers compound interest at the rate of 10% p.a. for three years. If the difference between the interests received from both schemes is ₹1785, then find the total amount invested by Harish.

1. ₹25000
2. ₹30000
3. ₹45000
4. ₹18000

Correct answer: ₹30000

Solution

For one investment of principal $P$, simple interest at 15% for 3 years is $45\%$ of $P$. Compound interest at 10% for 3 years is $P[(1.1)^3-1]=0.331P$. The difference is $0.45P-0.331P=0.119P=1785$, so $P=15000$ for each scheme and total investment is ₹30000.

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