Question
Ajay and Vijay jointly invest an amount 'x' in a simple
interest scheme for 4 years. Ajay contributes 40% of 'x' at an interest rate of 7% per annum, while Vijay invests the remaining 60% of 'x' at 9% per annum. The total simple interest earned by both Ajay and Vijay together is Rs. 13,120. What is the value of 'x'?Solution
ATQ;
x = 100a
40a and 60a
4 × 7% × 40a + 4 × 9% × 60a = 13120
32.8a = 13120
a = 400
Hence, x = 40,000
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