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- Standard 13
- Quantitative Aptitude
Monica deposited a total of $Rs. 10500$ with a bank in two different deposit schemes at $10 \%$ $p.a.$, interest being compounded annually. As per the schemes, she gets the same amount after $2 \,years$ on the first deposit as she gets after $3 \,years$ on the second deposit. How much money (In $Rs.$) did she deposit for $3 \,years$?
$4500$
$5000$
$6500$
$7200$
Solution
Let the amount invested by Monica in first scheme be Rs. $x$ and in another be Rs. $(10500- x )$ Rate of interest $=10 \%$ p.a. According to CI The amount in 1 st scheme after 2 years $=$ Rs. $1.21 x$ The amount in 2 nd scheme after 3 years $=$ Rs. $1.331(10500-x)$ Now since, she got same amount from both scheme. Hence, $\Rightarrow 1.21 x=1.331(10500-x)$
$\Rightarrow 1.21 x+1.331 x=10500 \times 1.331$
$\Rightarrow 2.541 x=13975.5$
$x=\frac{13975.5}{2.541}=5500$
$\Rightarrow$ Hence, her amount in 3 years scheme is
$\Rightarrow(10500-5500)=\text { Rs. } 5000$
