Question

Lakshman divided his pension money into three different parts in the ratio, 6 ∶ 7 ∶ 5 to deposit in three banks which offer 5%, 6%, and 8% rate of interest respectively. Find the money he deposited in the second bank if the interest he obtained from the first bank is Rs.3,000 calculated in simple interest.

1. Rs.50,000
2. Rs.60,000
3. Rs.70,000
4. Rs.80,000
5. Rs.90,000

Answer 1

Correct Answer - Option 3 : Rs.70,000

Given:

The ratio of the division of money = 6 ∶ 7 ∶ 5

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

Simple Interest obtained from bank one = Rs.3,000

Concept used:

Simple interest = (P × R × T)/100

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

Calculation:

Let the money invested in three banks be 6x, 7x, and 5x.

Simple interest obtained from bank one = 6x × 1 × 5% = Rs.3,000

Then, x = Rs.10,000

The money he deposited in second bank  = 7x = Rs.70,000

∴ The required solution is Rs.70,000.