Question
'P' allocated different portions of his savings,
totaling Rs. 100,000, to three banks. The first portion was invested in Axis Bank at a simple interest rate of 8% per annum, the second portion in State Bank at a simple interest rate of 12% per annum, and the remaining portion in PNB Bank at a compound interest rate of 10% per annum, compounded annually. After 2 years, the interests earned from Axis, State, and PNB banks are in the ratio 16:16:35. Determine the amount invested by 'P' in PNB Bank.Solution
ATQ, Let, the amount invested by "P"in banks ‘Axis’, ‘State’ and ‘Pnb’ be Rs.'a', Rs.'s' and Rs.'p' respectively. Now, (a × 8 × 2/100):(s × 12 × 2/100):{p(11/10)2- p} = 16:16:35 Or, 16a:24s:21p = 16:16:35 Or, a:s:p = 3:2:5 Amount invested by him in PNB bank = (5/10) × 100000 = Rs.50000
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