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A man invested ₹(X - 2500) in simple interest for 5 years 3 days at the rate of 8.006% per annum in Scheme A, and he invested ₹X in compound interest for 2 years 2 days at the rate of 10% per annum in Scheme B. If the approximate difference between the interests received from both schemes is ₹900, then find the amount invested in Scheme A (in ₹).

1. 5000
2. 5500
3. 7840
4. 7500

Correct answer: 7500

Solution

Approximate the times as 5 years and 2 years. Then SI on Scheme A is about $(X-2500)\times 8\% \times 5 = 0.4(X-2500)$ and CI on Scheme B is about $X[(1.1)^2-1]=0.21X$. Their difference is about ₹900, which gives $0.4(X-2500)-0.21X \approx 900$, leading to $X \approx 10000$ and Scheme A investment $X-2500 = 7500$.

Related IBPS PO General Awareness questions

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