Question
Ramesh has ₹18,000. He deposited ₹7,000 in a bank at
the rate of 5% per annum and ₹6,000 in other bank at the rate of 6% per annum simple interest. If he received ₹1,160 as simple interest at the end of one year, then the rate of interest per annum on rest of the capital is equal to:Solution
Total capital = ₹18,000 Deposits: ₹7,000 at 5% (Interest = ₹350) + ₹6,000 at 6% (Interest = ₹360) Remaining capital = ₹5,000 Total interest received = ₹1,160 Let the rate on ₹5,000 be r%. 350 + 360 + {(5,000 × r)/100} = 1,160 50 r = 450 ⟹ r = 9%
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