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Question 3 : 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?


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Explanatory Answer

Let assume its equal after N years
Veeru’s investment after N years = 10000 + 10000 × \\frac{5}{100}) × N
Joy’s investment after N years = 8000 + 8000 × \\frac{10}{100}) × (N – 2)
Equating both
10000 + 10000 × \\frac{5}{100}) × N = 8000 + 8000 × \\frac{10}{100}) ×(N – 2)
10000 + 500N = 8000 + 800N – 1600
3600 = 300N
N = 12


The answer is, " 12"

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