Question
Ravi invested Rs. 10,200 at 20% p.a. for 2 years and Rs. 11,500 at 28% p.a. for 2 years on simple interest. What is the total interest he earned?
Solution
ATQ,
Simple interest = Principal × Rate × Time ÷ 100
So, required interest = 10,200 × 20 × 2 ÷ 100 + 11,500 × 28 × 2 ÷ 100
= 4,080 + 6,440 = Rs.10,520
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