What is the approximate net worth of Tom’s investments at the end of a year?

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Q 2236856772.     Directions:Answer these questions on the basis of the information given below.
Tom invested his savings of Rs.10 lakhs in 3 schemes, whose details are mentioned below.
Scheme 1: A fixed deposit scheme which gives a return of 8% per annum.
Scheme 2: A monthly recurring deposit scheme, which gives a return of 0.5% per month
Scheme 3: Pradhan Mantri Land Gold scheme guarantees a 10% appreciation in the value of the land over year’s time.
In the recurring deposit scheme, an investor invests a fixed amount (decided by him) every month and the amount earns simple interest on a monthly basis for the remainder of the period. For example, the first instalment invested in the first month of an year, earns interest for 12 months by the end of the year, the second instalment earns interest for 11 months and so on.
Tom invests equal sum of money in scheme 2 and scheme 3 and 33.33% more money in scheme 1 than he invested in scheme 2 spread over 12 instalments throughout the year.
What is the approximate net worth of Tom’s investments at the end of a year?
IBPS-PO 2017 Mock Mains
A

Rs.10.3 lakhs

B

Rs.11.4 lakhs

C

Rs.10.71 lakhs

D

Rs.11.11 lakhs

E

None of these

HINT


Solution
(Provided By a Student and Checked/Corrected by EXXAMM.com Team)

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