CAT 2020 Quant Question [Slot 1] with Solution 02

Question

Veeru invested Rs 10000 at 5% simple annual interest, and exactly after two years, Joy invested Rs 8000 at 10% simple annual interest. How many years after Veeru’s investment, will their balances, i.e., principal plus accumulated interest, be equal?

Option: 12
Solution:

Let after n years both the sums amount to the equal amounts.

Then, \(1000\left( {1 + \frac{{5 \times (n + 2)}}{{100}}} \right) = 800\left( {1 + \frac{{10 \times n}}{{100}}} \right)\)

i.e., \(1.5 = \frac{{15n}}{{100}} \Rightarrow n = 10\)

Hence 12 years after veeru invested their balances will be equal

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