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Question:
Amal invests Rs 12000 at 8% interest, compounded annually, and Rs 10000 at 6% interest, compounded semi-annually, both investments being for one year. Bimal invests his money at 7.5% simple interest for one year. If Amal and Bimal get the same amount of interest, then the amount, in Rupees, invested by Bimal is
Amal invests Rs 12000 at 8% interest, compounded annually, and Rs 10000 at 6% interest, compounded semi-annually, both investments being for one year. Bimal invests his money at 7.5% simple interest for one year. If Amal and Bimal get the same amount of interest, then the amount, in Rupees, invested by Bimal is
Updated On: Sep 13, 2024
- 20920
- 20930
- 20950
- 209700
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The Correct Option is A
Solution and Explanation
Let the amount invested by Bimal be Rs. P.
Given that the interest incomes for both are equal. Therefore,
\(\left[12000\left(1+\frac{8}{100}\right)−12000\right]+[10000\left(1+\frac{3}{100}\right)^2−10000]=P×\frac{7.5}{100}\)
Solving for P, we get\( P=Rs. 20920.\)
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