Question

Meenu had a certain sum of money. 5/11th of the total money she invested in scheme X for 6 year and rest of the money she invested in scheme Y for 2 years. Scheme X offers simple interest at the rate of 18% p.a. and scheme Y offers compound interest (compounded annually) at the rate of 20% p.a. if the interest received from scheme X is rs 1518 more than the interest received from the scheme Y, what was the sum invested by her in scheme X?

Answer 1

Let total money = x

Scheme X = 5x/11

Scheme Y= 6x/11

5x×18×6/11×100-6x×44/11×100 = 1518

(44% = 2 year CI)

x = 6050

Money invest in scheme X = 6050×5/11 =2750