GATE DA 2024 Set 1 — Question 8
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General Aptitude → Quantitative Aptitude → Simple & Compound Interest
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Question
Person 1 and Person 2 invest in three mutual funds A, B, and C. The amounts they invest in each of these mutual funds are given in the table.
At the end of one year, the total amount that Person 1 gets is ₹500 more than Person 2. The annual rate of return for the mutual funds B and C is 15% each. What is the annual rate of return for the mutual fund A?
| Mutual fund A | Mutual fund B | Mutual fund C | |
|---|---|---|---|
| Person 1 | ₹10,000 | ₹20,000 | ₹20,000 |
| Person 2 | ₹20,000 | ₹15,000 | ₹15,000 |
Correct answer
(B) 10%
Solution
Let be the annual rate of return for mutual fund A. The rates for B and C are .
The total amount received by Person 1 after one year is:
The total amount received by Person 2 after one year is:
Given that :
Thus, the annual rate of return for mutual fund A is 10%. Correct option is (B).
The total amount received by Person 1 after one year is:
The total amount received by Person 2 after one year is:
Given that :
Thus, the annual rate of return for mutual fund A is 10%. Correct option is (B).
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