A sum is invested at 12% p.a. at simple interest for four years 11 months and 28 days in a scheme. The amount received from the scheme is invested for two years at 20% p.a. on compound interest for two years 2 days in another scheme. If compound interest received from second scheme is 1056.4 Rs, then find the amount invested in first scheme (approx.)?

Explanation

Form approx. type of questions we should take approx. values So, four years 11 months and 28 days = 5 years two years 2 days = 2 years 1056.4 Rs = 1056 Rs Equivalent rate of interest at rate of 20% p.a. for two years on compound interest annually = (20+20+ 20×20 100 )% = 44% Let amount invested in first scheme = 100x Rs So, amount invested in second scheme = 100x + 100x × 12×5 100 = 160x Rs ATQ, 160x × 44 100 = 1056 1.6x = 24 x = 15 So, 100x = 1500