Question
Priya deposited Rs. 'p' and Rs. (p + 400) in two schemes, A
and B, for 2 years each. Schemes A and B offer 10% and 12% simple interest respectively. If the total interest from both schemes is Rs. 1,168, calculate the value of 'p'.Solution
ATQ,
Simple interest = Principal × Rate × Time ÷ 100ATQ,
p × 10 × 2 ÷ 100 + (p + 400) × 12 × 2 ÷ 100 = 1168
→ 0.2p + 0.48p + 96 = 1168
→ 0.68p = 1168 - 96 = 1072
→ p = 1072 ÷ 0.68 = 1576
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