Compound Interest

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Danish invested Rs. x in a scheme offering 12% simple interest for three years. Reena invested Rs. (x+3000) in a scheme offering 10% compound interest for three years. Find the value of x if the interest earned by Reena is Rs.761 more than the interest earned by Danish.

6000

8000

7000

4000

Explanation:

Interest earned by Danish = x*0.12*3 = Rs.0.36x
Interest earned by Reena = (x+3000){(1+0.10)^3 -1} = Rs.(0.331x + 993)
Now, 0.331x + 993 – 0.36 = 761
=> x = 8000

Hence, option 2 is the correct answer.

By: Amit Kumar

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