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    Question

    A man invested a certain amount in two schemes, A and B,

    in the ratio 3:2. Scheme A offers 12% annual simple interest, and Scheme B offers 10% annual simple interest. After 2 years, the total interest earned from both schemes is тВ╣3,024. What was the total amount invested?
    A тВ╣14,000 Correct Answer Incorrect Answer
    B тВ╣13,500 Correct Answer Incorrect Answer
    C тВ╣18,000 Correct Answer Incorrect Answer
    D тВ╣20,000 Correct Answer Incorrect Answer

    Solution

    Let the total amount invested be тВ╣x. Amount invested in Scheme A = (3/5)x, and in Scheme B = (2/5)x. Interest from Scheme A = [(3/5)x * 12 * 2] / 100 = (72/500)x. Interest from Scheme B = [(2/5)x * 10 * 2] / 100 = (40/500)x. Total interest = (72/500)x + (40/500)x = 112x / 500. Given total interest = тВ╣3024. 112x / 500 = 3024 x = (3,024 * 500) / 112 = тВ╣13500 Correct Option: c

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