Interest Actual Question in CMAT 2024 Slot – 1

(A)

=Amount will become in 4 years = 73205

Amount will become in 3 years = 66550

Interest = 73205-66550 = 6655

. Rate of interest = 6655/66550 * 100 = 10%

16(A)

=Amount will become in 4 years = 73205

Amount will become in 3 years = 66550

Interest = 73205-66550 = 6655

. Rate of interest = 6655/66550 * 100 = 10%

(B)

=Let’s break down the problem:

1. Ramesh invests $1200 at 5% simple interest.

2. He wants his total annual income to be equal to 6% of his total investment.

Let’s denote the additional amount he needs to invest at 8% as \(x\).

So, for the $1200 invested at 5%, his income would be \(1200 \times 0.05 = $60\).

For the additional amount invested at 8%, his income would be \(x \times 0.08\).

To meet his target of 6% annual income, the total income should be 6% of the total investment, which is \(0.06 \times (1200 + x)\).

Therefore, we can set up the equation:

\[60 + 0.08x = 0.06 \times (1200 + x)\]

Now, solve for \(x\):

\[60 + 0.08x = 72 + 0.06x\]

\[0.08x – 0.06x = 72 – 60\]

\[0.02x = 12\]

\[x = \frac{12}{0.02}\]

\[x = 600\]

So, Ramesh must invest an additional $600 at 8% simple interest.