Question
Download Solution PDFA sum of Rs.63500 invested under simple interest at rate of 10% p.a. If the amount after 16 years is been withdrawn and 3/4 of the total amount is been invested in share market. Find the remaining amount. (In Rs.)
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = ₹63,500
Rate of Simple Interest (R) = 10% p.a.
Time (T) = 16 years
Fraction of total amount invested in share market =
Formula used:
Simple Interest (SI) =
Amount (A) = Principal (P) + Simple Interest (SI)
Remaining Amount = Total Amount - Amount invested in share market
Calculations:
SI =
SI = 635 × 10 × 16 = 6350 × 16 = ₹101,600
A = P + SI
⇒ A = 63500 + 101600 = ₹165,100
Amount invested =
⇒ Amount invested =
⇒ Amount invested = 3 × 41275
⇒ Amount invested = ₹123,825
Remaining Amount = Total Amount - Amount invested in share market
⇒ Remaining Amount = 165100 - 123825 = ₹41,275
∴ The remaining amount is ₹41,275.
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