Question
Ravi invests Rs. 'x' in scheme X and Rs. (x + 600) in
scheme Y for 4 years each. Schemes X and Y offer simple interest at 12% p.a. and 8% p.a. respectively. If the total interest earned is Rs. 2,720, find the value of 'x'.Solution
ATQ,
Simple interest = Principal × Rate × Time ÷ 100
ATQ,
x × 12 × 4 ÷ 100 + (x + 600) × 8 × 4 ÷ 100 = 2,720
→ 0.48x + 0.32x + 192 = 2720
→ 0.8x = 2720 - 192 = 2528
→ x = 2528 ÷ 0.8 = 3160
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