Question

Laya divided her savings money into three different parts in the ratio, 1 ∶ 11 ∶ 13 to deposit in three banks which offer 5%, 6%, and 8% rate of interest respectively. Find the interest earned from the first bank if interest she obtained from the third bank is Rs.26,000 calculated in simple interest.

1. Rs.6,500
2. Rs.7,000
3. Rs.7,500
4. Rs.8,000
5. s.8,500

Answer 1

Correct Answer - Option 3 : Rs.7,500

Given:

Ratio of division of money = 1 ∶ 11 ∶ 13

Rate of interest offered by banks = 5%, 6% and 8%

Simple Interest obtained from third bank = Rs. 26,000

Concept used:

Simple interest = (P × R × T)/100

Where P is Principal, R is rate of interest and T is the time of investment

Calculation:

Let the money invested in three banks be x, 11x and 13x.

Simple interest obtained from third bank = 13x × 1 × 8% = Rs.26,000

Then, x = Rs.25,000

The money he deposited in first bank = 6x = Rs.150,000

Simple interest obtained from first bank = 1,50,000 × 5% × 1 = Rs. 7,500

∴ The required solution is Rs.7,500.