Question
Nikhil invested a total of ₹7000 in two different schemes
offering simple interest. Scheme A offers an interest rate of 10% per annum, while Scheme B offers 14% per annum. He invested in Scheme A for 3 years and in Scheme B for 2 years. The total interest earned from both schemes together amounts to ₹2040. Find the difference between the amounts invested in Scheme A and Scheme B.Solution
Total money invested in two schemes = Rs.7000
Let, money invested in scheme A =Rs. X
Money invested in Scheme B = Rs. (7000-X)
According to the condition
(X*10*3) / 100 + [(7000-X) *14*2]/100 = 2040
30X + (7000-X) *28 = 204000
2X + 196000 = 204000
2X = 8000
X = Rs.4000
money invested in scheme A =Rs.4000
Money invested in Scheme B = Rs. (7000-X) = Rs. (7000-4000) = Rs.3000
Difference between the amount he invested in scheme A and Scheme B = 4000-3000 = Rs.1000
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