CAT 2024 - Slot 1 Quant Question 19
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CAT 2024 Slot 1 - Quant
We are told that, 10000 is deposited in bank A for a certain number of years at a simple interest of 5% per annum.
Let us say that the number of years is x
Total value of the deposit after x years is, 10000 (1 + x (0.05))
On maturity, the total amount received is deposited in bank B for another 5 years at a simple interest of 6% per annum
Here we know the years and the interest rate,
10000 (1 + x(0.05)) (1 + 5 (0.06))
10000 (1+ (0.05)x) (1.3)
Interest received from Bank A is (x (0.05)) 10000
Interest received from Bank B is 0.3 [10000 (1 + x (0.05))]
This ratio is given to be 10 : 13
[x (0.05)]/[0.3 (1+x (0.05))] = 10/13
0.65x = 3 + 0.15x
0.5x = 3
x = 6
Hence the number of years the money was invested in Bank A is 6 years.