Question

9. A sum of money invested for 7years in Scheme 1 which
offers SI at a rate of 8% pa. The amount received from
Scheme 1 after 7 years invested for 2 years in Scheme 2
which offers CI rate of 10% pa. If the interest received
from Scheme B was Rs.1638. What was the sum
invested in Scheme 1 ? (approx)​

Answer 1

Step-by-step explanation:

An equal sum is invested for seven years in Scheme A offering simple interest at x% p.a. and in scheme B for two years offering compound interest at 10% p.a.(compounded annually). The interest earned from scheme A is thrice of the interest earned from scheme B.