Question:
Raj invested a certain sum of money in two schemes. The first scheme offers a simple interest of 10% per annum, and the second scheme offers a simple interest of 12% per annum. If the total interest earned from both schemes after 3 years is Rs. 1980, and the ratio of the amounts invested in the two schemes is 5:4, what is the amount invested in the second scheme?
Raj invested a certain sum of money in two schemes. The first scheme offers a simple interest of 10% per annum, and the second scheme offers a simple interest of 12% per annum. If the total interest earned from both schemes after 3 years is Rs. 1980, and the ratio of the amounts invested in the two schemes is 5:4, what is the amount invested in the second scheme?
Updated On: Aug 23, 2024
- 2500
- 2300
- 2700
- 2900
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The Correct Option is C
Solution and Explanation
Let the amounts invested in the first and second schemes be 5x and 4x respectively.
Interest from the first scheme:
Principal (P1) = 5x
Rate (R1) = 10%
Time (T) = 3 years
Simple Interest \(SI1 = \frac{P1 \times R1 \times T}{100} = \frac{5x \times 10 \times 3}{100} = 1.5x\)
Interest from the second scheme:
Principal (P2) = 4x
Rate (R2) = 12%
Time (T) = 3 years
Simple Interest \(SI2 = \frac{P2 \times R2 \times T}{100} = \frac{4x \times 12 \times 3}{100} = 1.44x\)
Total interest \(= SI1 + SI2 = 1.5x + 1.44x = 2.94x\)
Given, total interest = Rs. 1980
So, 2.94x = 1980
=> \(x = \frac{1980}{2.94} = 675\)
Amount invested in the second scheme = \(P2 = 4x = 4 \times 675 = \text{Rs. 2700}\)
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