CAT 2024 Slot 1 QA Question 15: An amount of Rs 10000 is deposited in bank A for a certain number of years at a simple interest of 5% per annum. On maturity, the total amount received is deposited in bank B for another 5 years at a

Question

An amount of Rs 10000 is deposited in bank A for a certain number of years at a simple interest of 5% per annum. On maturity, the total amount received is deposited in bank B for another 5 years at a

Accepted Answer

Let the investment period in bank A be $t$ years.
Interest from bank A = $10000	imes 5\%	imes t = 500t$
Amount received from bank A = $10000 + 500t$
Interest from bank B = $(10000 + 500t)	imes 6\%	imes 5$
$= 0.3(10000 + 500t)$
$= 3000 + 150t$
$500t : (3000 + 150t) = 10 : 13$
$\Rightarrow 13	ime