Multiple choice

A man invested a certain sum in scheme A at 12% p.a. for 3 years and earned Rs 2340 as simple interest. He increased his sum by Rs. ‘Y’ and invested in another scheme B at 10% p.a. C.I. for 2 years and received Rs. 1890 as compound interest. Find the value of ‘Y’ ?

  1. 2000

  2. 1500

  3. 3500

  4. 2500

  5. None of these
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

For SI: P×12×3/100 = 2340, so P = 6500. For CI at 10% for 2 years on (6500+Y): (6500+Y)×[(1+0.1)² - 1] = 1890. Solving gives Y = 2500. This uses SI and CI formulas sequentially.

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