Question
"A person 'P' deposited Rs.
‘a’ in SIP 'A' and Rs. ‘b’ in SIP 'B'. He invested in SIP 'A' for 4 years at a simple interest rate of 5% p.a., while in SIP 'B' for 3 years at a simple interest rate of 8% p.a. The amount invested in SIP 'A' was Rs. 400 more than the amount invested in SIP 'B'. If the interest earned from SIP 'A' was Rs. 48 more than the interest earned from SIP 'B', find the total amount invested in both SIPs."Solution
ATQ, The amount invested in SIP 'A' and SIP 'B' is Rs. ‘a’ and Rs. ‘b’ respectively. ATQ, a – b = 400 --------(i) Also, a × 5% × 4 – b × 8% × 3 = 48 0.2a – 0.24b = 48 ----------(ii) Solving both equations, we get, a = 1200 and b = 800 Therefore, total amount invested in both SIP's together = 1200 + 800 = Rs. 2000
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