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A merchant had Rs. 10000 to invest. He invested part of the amount in Bank A at 10% simple interest. He invested the remaining amount in Bank B at 10% compound interest. After three years, the amount in Bank B was 50% more than the amount in bank A. How much amount did he invest in Bank A?

A merchant had Rs. 10000 to invest. He invested part of the amount in Bank A at 10% simple interest. He invested the remaining amount in Bank B at 10% compound interest. After three years, the amount in Bank B was 50% more than the amount in bank A. How much amount did he invest in Bank A? Correct Answer Rs. 4056.69

Given:

A merchant had Rs. 10000 to invest.

Rate = 10%

Assumption:

Suppose the amount invested in Bank B was Rs. x

The amount invested in Bank A = Rs. (10000 - x)

Calculation:

The amount after 3 years in Bank A = 1.3 (10000 - x) = 13000 - 1.3x

The amount after 3 years in Bank B = 1.13 x = 1.331x

⇒ 1.331x/(13000 - 1.3x) = (3/2)

⇒ 2.662x = 39000 - 3.9x

⇒ 2.662x + 3.9x = 39000

⇒ 6.562x = 39000

⇒ x = 39000/6.562 = Rs. 5943.31

∴ The amount invested in Bank A = 10000 - 5943.31 = Rs. 4056.69

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