Exams › IBPS PO › Quantitative Aptitude
A man invested Rs. X in simple interest at a rate of 15% for 5 years. Then he invested X + 300 at compound interest at 10% per annum for 2 years. If the total interest obtained is Rs. 4383, find the total amount invested by the man.
- 9000
- 8700
- 8500
- 9300
Correct answer: 9300
Solution
The simple interest on X for 5 years at 15% is \(\frac{X\cdot15\cdot5}{100} = 0.75X\). The compound interest on \(X+300\) for 2 years at 10% is \((X+300)(1.21-1)=0.21(X+300)\). Solving \(0.75X + 0.21(X+300)=4383\) gives \(X=4500\), so the total amount invested is \(X+(X+300)=9300\).
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