Bissoy.com
Doctors Medicines MCQs Q&A

An equal sum is invested in two different schemes. One scheme gives simple interest and the other gives compound interest (annual compounding). The sum of interest obtained after 2 years from both the schemes is Rs. 2961. If both schemes have 23% per annum interest rate, then what is the first year interest (in Rs.) of simple interest scheme?

An equal sum is invested in two different schemes. One scheme gives simple interest and the other gives compound interest (annual compounding). The sum of interest obtained after 2 years from both the schemes is Rs. 2961. If both schemes have 23% per annum interest rate, then what is the first year interest (in Rs.) of simple interest scheme? Correct Answer 700

Let Rs. P be the principal.

According to the question,

(P × 23 × 2)/100 + P = 2961

⇒ 0.46P + 0.5129P = 2961

⇒ 0.9729P = 2961

⇒ P = 2961/0.9729

So, SI for 1 year = ((2961/0.9729) × 23 × 1)/100 = Rs. 700

Short trick:

Total percentage of SI in 2 years = 23 + 23 = 46%

And total percentage of CI in 2 years = 23 + 23 + (23 × 23)/100 = 51.29

According to question (CI + SI) = 46 + 51.29 = 97.29

⇒ 97.29 unit = 2961

∴ 23 unit = 2961/97.29 × 23 = 700

Related Questions

An equal sum is invested in two different schemes. One scheme gives simple interest and the other gives compound interest (annual compounding). The sum of interest obtained after 2 years from both the schemes is Rs 2961. If both schemes have 23% per annum interest rate, then what is the first year interest (in Rs)of simple interest scheme?
Given below are three quantities named 1, 2 and 3. Based on the given information, you have to determine the relation among the three quantities. You should use the given data and knowledge of Mathematics to choose between the possible answer. The options represent the relations among three quantities. A. < B. > C. ≤ D. ≥ E. = Quantity 1: Sumit invested Rs. X for 2 years at the rate of R% per annum simple interest. The interest obtained is Rs. 450 less than the interest obtained when the same sum is invested for 2 years at the rate of (R + 9)% per annum simple interest. Find the value of X. Quantity 2: Ankit invested Rs. Y for 2 years at the rate of 10% per annum compounded annually. The interest obtained is 795 less than the compound interest received by him when he invested a sum of Rs. 3000 for 2 years at the rate of 20% per annum compounded annually. Find the value of Y. Quantity 3: Difference of CI and SI obtained on a sum of Rs. Z when invested for 2 years at 10% per annum is Rs. 20. Find the value of Z. 
Two equal sum are invested in two different schemes. One scheme gives simple interest and the other gives compound interest (annual compounding). The sum of interest obtained after 2 years from both the schemes is Rs. 3717. If both scheme have 13% per annum interest rate, then what is the first year interest (in Rs) for simple interest scheme?
Two equal sum are invested in two different schemes. One scheme gives simple interest and the other gives compound interest (annual compounding).The sum of interest obtained after 2 years from both the schemes is Rs 3717. If both scheme have 13% per annum interest rate, then what is the first year interest (in Rs) for simple interest scheme?
An equal sum is invested in two different schemes. One scheme gives simple interest and the other gives compound interest (annual compounding). The total interest obtained after 2 years from both the schemes together is Rs. 2090. If both the schemes have 18% per annum interest rate, then what is the first year interest (in Rs) of simple interest scheme?
An equal sum is invested in two different schemes. One scheme gives simple interest and the other gives compound interest (annual compounding). The total interest obtained after 2 years from both the schemes together is Rs 2090. If both the schemes have 18% per annum interest rate, then what is the first year interest (in Rs) of simple interest scheme?
A person has Rs. 30000 and he invested in four schemes. In 1st scheme he invested 10% of the sum at the rate of 20% per annum, while in 2nd scheme he invested 12% of the amount at the rate of 10% per annum, while in 3rd scheme he invested 25% at the rate of 20% per annum, while in 4th scheme he invested remaining amount at the rate of 25% per annum. After 2 years what is the total amount received by the person.
Questions below followed by three quantities. Find the relationship between them. Quantity I: Peter invested Rs. P in a scheme A offering simple interest at 12% per annum for five years. He invested the whole amount he received from scheme A in another scheme B offering simple interest at 5% per annum for 4 years, if the difference between the interests earned from scheme A and B was Rs. 2240. What is the value of P? Quantity II: Mohan deposited Rs. 12000 at simple interest which amounted to Rs. 16800 after 4 years . Had the interest been 5% more, how much amount he would have got? Quantity III: The SI on certain sum of money for 18 months at the rate of 8% per annum exceeds the SI on the same sum at 10% per annum for 12 months by Rs. 200. Then find the sum?
A man invested Rs. 50000 in 3 schemes A, B and C. In scheme A he invested 2/5 of the sum at the rate of 15% per annum simple interest for 3 years. 3/5 of the remaining was invested in scheme B at 5% higher the earlier rate for 3 years at compound interest and remaining was invested in scheme C at 5% higher the earlier rate for 3 years at simple interest. What was the interest earned by the man after 3 years from all the schemes together?
An equal sum is invested in two different schemes. One scheme gives simple interest and the other gives compound interest. The sum of interest obtained after 2 years from both the schemes is Rs. 5369. If both schemes have 13% per annum interest rate, then what is the total sum?