Question:
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
Correct Answer: 20920
Let the amount invested by Bimal be Rs. P
Given, the interest incomes for both are equal. Therefore,
$\left[ 12000\left( 1+\frac{8}{100} \right)-12000 \right]+\left[ 10000{{\left( 1+\frac{3}{100} \right)}^{2}}-10000 \right]=\frac{P\times 7.5\times 1}{100}$
Solving for P we get P =Rs. 20920
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