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Question
Pramod wants to invest Rs 35,000 in shares such that the percentage return on his investment is `8 1/7 %`. He invested Rs 6,000 in 6 % Rs 50 shares of 'Lakme' at Rs 40, Rs 15,000 in 8 % Rs 100 shares of 'Volta' at Rs 125 and the remaining in 12 % shares of 'BPL'. At what rate did he buy the 'BPL' shares?
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Solution
Money invested = Rs 35,000
For 'Lak me' shares:
Market value = Rs 40
Amount invested = Rs 6,000
Income from investment = `6/40 xx 6000` = Rs 900
For 'Volta' shares:
Market Value = Rs 125
Amount invested = Rs 15,000
Income from investment = `8/125 xx "Rs" 15000` = Rs 960
For 'BPL' shares:
Market value = Rs x
Amount invested = Rs (35,000-6,000-15,000) = Rs 14,000
Income from investment = Rs `12/x xx 14000` = Rs `168000/x`
Total investment from shares = Rs 900 + Rs 960+Rs `168000/x`
Pramod wants `8 1/7 %` return on his investment = `57/7 %`
`57/(100 xx 7) xx "Rs" 35000` = Rs 2850
Therefore, Rs 2,850 - Rs 900 + Rs 960 + Rs `168000/x`
Rs 990 x - Rs 1,68, 000 x = Rs 169.69 = Rs 170
Hence, Pramod bought BPL shares at Rs 170 per share.
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