Q. Mehul invested Rs. P for 3 years in a scheme which offered 10% p.a. Compound interest (compounded annually). He lent the interest earned from the scheme to Shikha at the rate of 8.33% p.a. simple interest. If at the end of 3 years, Shikha paid off her debt by paying Mehul Rs. 3310, what is the value of P?

6000

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9600

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8000

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7200

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Solution

The correct option is C 8000
Interest paid by Shikha for 3 years $= 3 \times 8.33 = 25 % 3310 = 1.25 x$
Interest amount lent out by Mehul,x $= \frac{3310}{1.25} = 2648 Interest on P for 3 years = ((1.1)^{3} - 1) \times 100 = 33.1 % 33.1 % o f P = 2648 P = 2648 \times \frac{100}{33.1} = 8000$

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The correct option is C 8000Interest paid by Shikha for 3 years =3×8.33=25%3310=1.25x Interest amount lent out by Mehul,x =33101.25=2648Interest on P for 3 years=((1.1)3−1)×100=33.1%33.1%ofP=2648P=2648×10033.1=8000

The correct option is C 8000
Interest paid by Shikha for 3 years $= 3 \times 8.33 = 25 % 3310 = 1.25 x$
Interest amount lent out by Mehul,x $= \frac{3310}{1.25} = 2648 Interest on P for 3 years = ((1.1)^{3} - 1) \times 100 = 33.1 % 33.1 % o f P = 2648 P = 2648 \times \frac{100}{33.1} = 8000$