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

CAT 2020 Question Paper | CAT Verbal Ability Slot 1

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?

Started 1 month ago by Shashank in

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Answer : The answer is '12'

Explanatory Answer

2 years simple interest accrued by Veeru is Rs. 1000
10000 + 1000 + 10000*0.05*x = 8000 + 8000*0.1*x
3000 = 300x
x = 10 years
2 years of Veeru’s initial investment hence answer = 10+2 = 12 years