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A man invested a certain amount in scheme A at rate of 15% p.a. for two years and he received total simple interest of ₹7800. The man increased the amount by ₹X and invested in another scheme B on compound interest at rate of 10% p.a. for two years and received ₹6720 as interest. Find the value of X (in ₹).

1. 6000
2. 5000
3. 4000
4. 3000

Correct answer: 6000

Solution

Scheme A: SI = P×15×2/100 = 0.3P = 7800 → P = ₹26000. Scheme B: principal = P+X = 26000+X. CI at 10% for 2 years = (26000+X)[(1.1)²-1] = (26000+X)×0.21 = 6720. 26000+X = 6720/0.21 = 32000. X = 32000-26000 = ₹6000.

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