Question

Veeru invested Rs 10000 at 5% simple annual interest, and exactly after two years, Joy invested Rs 8000 at 10% simple annual interest. How many years after Veeru’s investment, will their balances, i.e., principal plus accumulated interest, be equal? [This Question was asked as TITA]

• A. 12
• B. 10
• C. 13
• D. 15

Answer 1

The Correct Option is A

Let after \(n\) years both the sums amount to the equal amounts.

Then, \(1000\bigg(\frac{1+5×(n+2)}{100}\bigg) = 800\bigg(1+10×\frac{n}{100}\bigg)\)

i.e., \(1.5 = \frac{15n}{100} ⇒ n =10\)

Hence \(12\) years after veeru invested their balances will be equal.

Answer 2

The Initial investment amount to Veeru,
\(A_{Veeru}= 10,000(1+\frac {5t}{100})\)
The Initial investment amount to Joy,
\(A_{Joy}= 8,000(1+\frac {10(t-2)}{100})\)
According to the question,
\(10,000(1+\frac {5t}{100})= 8,000(1+\frac {10(t-2)}{100})\)
On solving,
\(15t=180\)
\(t=\frac {180}{15}\)
\(t=12\) Years

So, the correct option is (A): \(12\)