Question

Mukesh has 30000 rupees with him. He
deposits this amount in two different banks.
The first bank offers a simple interest of 12%
per annum and the Second bank offers
a compound Interest of 10% per annum.
How much money (approx) should he
invest in the second box bank so that
at the end of Second year he gets
same amount from both the banks ?​

Answer 1

Answer:

15183.673 rupees.

Step-by-step explanation:

Let x be the amount ( in rupees ) invested in first bank,

So, the amount invested in second bank = 30000 - x

In first bank,

Principal amount, p = x,

Simple interest rate per year, r = 12%,

Time, t = 2 years,

So, the total amount = p + $\frac{p\times r\times t}{100}$

= x + $\frac{x\times 12\times 2}{100}$

= x + 0.24x

= 1.24x

In second bank,

Principal amount, P = x - 3000,

Compound interest percentage per year, R = 10%,

Time, T = 2 years,

So, the total amount = $P(1+\frac{R}{100})^T$

$=(30000-x)(1+\frac{10}{100})^2$

$=(30000-x)(1.1)^2$

$=(30000-x)(1.21)$

If the amount is same in both bank,

$1.24x=(30000-x)(1.21)$

$1.24x + 1.21x = 36300$

$2.45 = 36300$

$x = 14816.327$

Thus, the amount invested in second bank = 30000 - 14816.327 = 15183.673 rupees.