Multiple choice

Joe invests Rs. N in the equity share of XYZ Ltd. at 5% and Jessica invests Rs. (N - 100) in the mutual funds of XYZ Ltd. at 7%. After 4 years, the sum of the interests from both the investments is Rs. 4520. Find the value of N.

  1. Rs. 6005

  2. Rs. 8075

  3. Rs. 9475

  4. Rs. 10,475

  5. Rs. 10,805
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Interest from Joe = (N * 5 * 4) / 100 = 0.2N. Interest from Jessica = ((N-100) * 7 * 4) / 100 = 0.28(N-100). Total interest = 0.2N + 0.28N - 28 = 4520. 0.48N = 4548. N = 4548 / 0.48 = 9475.

AI explanation

Using the simple interest formula, the interest from Joe's investment is (N times 5 times 4) divided by 100, which simplifies to 0.2N. The interest from Jessica's investment is ((N minus 100) times 7 times 4) divided by 100, simplifying to 0.28(N minus 100) or 0.28N minus 28. Setting the sum of these interests to Rs. 4520 gives the equation 0.2N plus 0.28N minus 28 equals 4520. Solving for N yields 0.48N equals 4548, so N equals 4548 divided by 0.48, which gives the value Rs. 9475.

Keep practicing — related questions