Question 2.
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
Question Explanation
The amount with Amal at the end of 1 year = 12000*1.08+10000*1.03*1.03=23569
Interest received by Amal = 23569-22000=1569
Let the amount invested by Bimal = 100b
Interest received by Bimal = 100b*7.5*1/100=7.5b
It is given that the amount of interest received by both of them is the same
7.5b=1569
b=209.2
Amount invested by Bimal = 100b = 20920
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