Question:
Anil invests Rs. 22000 for 6 years in a certain scheme with 4% interest per annum, compounded half-yearly. Sunil invests in the same scheme for 5 years, and then reinvests the entire amount received at the end of 5 years for one year at 10% simple interest. If the amounts received by both at the end of 6 years are same, then the initial investment made by Sunil, in rupees, is
Anil invests Rs. 22000 for 6 years in a certain scheme with 4% interest per annum, compounded half-yearly. Sunil invests in the same scheme for 5 years, and then reinvests the entire amount received at the end of 5 years for one year at 10% simple interest. If the amounts received by both at the end of 6 years are same, then the initial investment made by Sunil, in rupees, is
Updated On: Apr 25, 2024
Hide Solution
Verified By Collegedunia
Solution and Explanation
Anil invested \(22000\) for \(6\) years at \(4\%\) interest compounded half-yearly.
Amount = \(22000(1+\frac {2}{100})^{12}\)
\(= 22000 (1.02)^{12}\)
Suppose, Sunil invest \(P\) rupees for \(5\) years at \(4\%\) C.I. half-yearly and \(10\%\) S.I. for \(1\) additional year.
Amount = \(P(1+\frac {2}{100})^{10} \times 1.1\)
\(= P (1.02)^{10} \times 1.1\)
Given, both amounts are same,
\(22000 (1.02)^{12}= P (1.02)^{10} \times 1.1\)
\(P = \frac {22000 (1.02)^{12}}{(1.02)^{10} \times 1.1}\)
\(⇒P = \frac {22000 (1.02)^{2}}{1.1}\)
\(⇒P=20808\)
So, the correct option is (C): \(20808\)
Was this answer helpful?
1
0
Top Questions on SI & CI
- Ramesh invests 1,200 at 5% simple interest. How much additional money must he invest at 8% simple interest so that his total annual income will be equal to 6% of his total investment during this year?
- Aman invests Rs 4000 in a bank at a certain rate of interest, compounded annually.If the ratio of the value of the investment after 3 years to the value of the investment after 5 years is 25 : 36, then the minimum number of years required for the value of the investment to exceed Rs 20000 is
- Anil invests Rs 22000 for 6 years in a scheme with 4% interest per annum, compounded half-yearly. Separately, Sunil invests a certain amount in the same scheme for 5 years, and then reinvests the entire amount he receives at the end of 5 years, for one year at 10% simple interest. If the amounts received by both at the end of 6 years are equal, then the initial investment, in rupees, made by Sunil is
- An amount of Rs 10000 is deposited in bank A for a certain number of years at a simple interest of 5% per annum. On maturity, the total amount received is deposited in bank B for another 5 years at a simple interest of 6% per annum. If the interests received from bank A and bank B are in the ratio 10 : 13, then the investment period, in years, in bank A is
- S invested 22,000 for 6 years at a 4% rate compounded half-yearly. B also invested a certain amount of money for 5 years in the same scheme and then reinvested it for a year at a 10% rate of simple interest. If their total amounts become the same after 6 years, what was B’s initial investment?
View More Questions
Questions Asked in CAT exam
- The sum of all real values of $k$ for which $(\frac{1}{8})^k \times (\frac{1}{32768})^{\frac{4}{3}} = \frac{1}{8} \times (\frac{1}{32768})^{\frac{k}{3}}$ is
- CAT - 2024
- Logarithms
- Amal and Vimal together can complete a task in 150 days, while Vimal and Sunil together can complete the same task in 100 days. Amal starts working on the task and works for 75 days, then Vimal takes over and works for 135 days. Finally, Sunil takes over and completes the remaining task in 45 days. If Amal had started the task alone and worked on all days, Vimal had worked on every second day, and Sunil had worked on every third day, then the number of days required to complete the task would have been
- CAT - 2024
- Time and Work
- Gopi marks a price on a product in order to make 20% profit. Ravi gets 10% discount on this marked price, and thus saves Rs 15. Then, the profit, in rupees, made by Gopi by selling the product to Ravi, is
- CAT - 2024
- Profit and Loss
- Sam can complete a job in 20 days when working alone. Mohit is twice as fast as Sam and thrice as fast as Ayana in the same job. They undertake a job with an arrangement where Sam and Mohit work together on the first day, Sam and Ayana on the second day, Mohit and Ayana on the third day, and this three-day pattern is repeated till the work gets completed. Then, the fraction of total work done by Sam is
- CAT - 2024
- Time and Work
- The number of all positive integers up to 500 with non-repeating digits is
- CAT - 2024
- Number Systems
View More Questions