CAT 2023 Slot 1 Solved Paper

Question : 59 of 66

Marks: +1, -0

Anil invests Rs. 22000 for 6 years in a certain scheme with 4% interest per annum, compounded half-yearly.Sunil invests in the same scheme for 5 years, and then reinvests the entire amount received at the end of 5years for one year at 10% simple interest. If the amounts received by both at the end of 6 years are same,then the initial investment made by Sunil, in rupees, is

Your Answer:

Validate

Solution:

Anil invested 22000 for 6 years at

4 \%

interest compounded half-yearly
⇒ Amount

=22000(1.02)^6

Let Sunil invest 'S' rupees for 5 years at

4 \%

C.I. half-yearly and

10 \%

S.I. for 1 additional year
⇒ Amount

=S(1.02)^{10}(1.1)

Given that the both amounts are equal

⇒22000(1.02)^{12}=S(1.02)^{10}(1.1)

⇒S=\;{22000(1.02)^2}/{1.1}=20808

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