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Veer invested Rs. 10,000 at simple interest for 2 years at the rate of R% and got an interest of Rs. 1,400. He invested the total amount (principal + interest) in a scheme that offered compound interest at the rate of (R% + x%) for 2 years. What are the possible integral values of x% so that the compound interest is less than Rs. 2,400? (i) 1% (ii) 2% (iii) 3% (iv) 4% (v) 5%

1. Only (i)
2. Only (i), (ii)
3. Only (i), (ii) and (iii)
4. Only (i), (ii), (iii) and (iv)

Correct answer: Only (i), (ii) and (iii)

Solution

From simple interest, 1400 = 10000 × R × 2 / 100, so R = 7%. The new principal is 11,400 and the compound rate is (7 + x)%. Checking x = 1, 2, 3, 4, 5 shows that CI remains below Rs. 2,400 only for x = 1, 2, 3.

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