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'.
    A 2520 Correct Answer Incorrect Answer
    B 3350 Correct Answer Incorrect Answer
    C 1560 Correct Answer Incorrect Answer
    D 3160 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    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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