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A man invested ₹5P in scheme X earning simple interest at (R - 4)% per annum. After 4 years, the amount becomes ₹7.4P. He gives 60% of what he invested to his friend. His friend invests this money in scheme Y for 3 years, earning compound interest at \((R/2 + 7)%\) per annum. The difference between the simple interest and compound interest earned is ₹2679.60. Find the money invested in scheme X.
- ₹9600
- ₹16000
- ₹12800
- ₹15000
Correct answer: ₹16000
Solution
From ₹5P to ₹7.4P in 4 years, the simple interest is ₹2.4P, so the annual rate in scheme X can be found. Using that rate, the rate in scheme Y is determined, and comparing the simple interest from scheme X with the compound interest from scheme Y gives the value of P. Substituting yields the invested amount as ₹16000.
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