Question
Download Solution PDFA sum of Rs.68500 is invested under simple interest at rate of 5% p.a. If the amount after 28 years is been withdrawn and 3/4 of the total amount is been invested in share market, then find the remaining amount. (in Rs.)
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = ₹68,500
Rate (r) = 5% p.a.
Time (t) = 28 years
Formula used:
Simple Interest (SI) = \(\frac{P \times r \times t}{100}\)
Amount (A) = Principal (P) + Simple Interest (SI)
Calculation:
SI = \(\frac{68,500 \times 5 \times 28}{100}\)
⇒ SI = \(\frac{68,500 \times 140}{100}\)
⇒ SI = ₹95,900
A = ₹68,500 + ₹95,900
⇒ A = ₹1,64,400
3/4 of A = \(\frac{3}{4} \times 1,64,400\)
⇒ 3/4 of A = ₹1,23,300
Remaining amount = A - 3/4 of A
⇒ ₹1,64,400 - ₹1,23,300 = ₹41,100
∴ The correct answer is option (4).
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