Question
A person 'P' invested a total amount of Rs. 1800 in two SIPs, A and B, maintaining a ratio of 3:2. SIP A provides simple interest at a rate of 10% per annum, while SIP B also follows a simple interest scheme but with an unknown rate. If the total interest earned from both SIPs after 2 years amounts to Rs. 288, determine the rate of interest for SIP
B.
Solution
ATQ,
Amount invested in SIP A = (3/5) × 1800 = Rs. 1080 Amount invested in SIP A = (2/5) × 1800 = Rs. 720 Let, rate of interest offered by SIP B is r% per annum. 1080 × 10% × 2 + 720 × r% × 2 = 288 216 + 14.4r = 288 14.4r = 288 – 216 14.4r = 72 r = 5%Â
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