A man deposited a total amount of Rs. 25300 with a bank in two different schemes at 20% p.a. interest being compounded annually . As per the schemes, he gets the same amount after 4 years on the first deposit as he gets after 3 years on the second deposit. How much money did he deposit for 3 years?
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Rs.12,000
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Rs.15,450
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Rs.16,620
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Rs.14,440
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None of these
E
Correct answer
Explanation
Let first deposit be x and second be y. Total: x + y = 25300. After 4 years at 20% CI: x(1.2)⁴ = x × 2.0736. After 3 years at 20% CI: y(1.2)³ = y × 1.728. These amounts are equal: 2.0736x = 1.728y → y = 1.2x. Substituting: x + 1.2x = 25300 → 2.2x = 25300 → x = 11500. So y = 25300 - 11500 = 13800. Checking: 11500 × 2.0736 = 23846.4 and 13800 × 1.728 = 23846.4. The 3-year deposit is Rs. 13800, which matches none of A-D. Option E (None of these) is correct.