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CAT 2021 Interest — Previous Year Question

Year

CAT 2021

Section

Quantitative

Topic

Interest

Difficulty

Medium

Question

Slot-1

Mohan has some money (₹M) that he divides in the ratio of 1:2. He then deposits the smaller amount in a savings scheme that offers a certain rate of interest, and the larger amount in another savings scheme that offers half of that rate of interest. Both interests compound yearly. At the end of two years, the total interest earned from the two savings schemes is ₹830. It is known that one of the interest rates is 10% and that Mohan deposited more than ₹1000 in each saving scheme at the start. What is the value of M?

7500

6000

To solve this, the other interest rate must also be given.

4500

12000

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