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Amal and Bimal invested the same amount in a bank at a 10% interest rate. Amal invested in an annual simple interest plan and Bimal invested in an annual compound interest plan. The sum of interest amount received by Amal and Bimal after three years is 6310. How much amount did Amal invest in the bank?

Amal and Bimal invested the same amount in a bank at a 10% interest rate. Amal invested in an annual simple interest plan and Bimal invested in an annual compound interest plan. The sum of interest amount received by Amal and Bimal after three years is 6310. How much amount did Amal invest in the bank? Correct Answer 10000

Calculation:

Let P be the amount invested by Amal (or Bimal)

Interest amount received by Amal after three years = P × (10/100) × 3 = 0.3P

Interest amount received by Bimal after three years = P × (1 + (10/100))3 - P = P × 1.13 - P = 0.331P 

Total interest amount = 0.3P + 0.331P = 0.631P

⇒ 0.631P = 6310

⇒ P = 10000

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