Question

A man invested Rs. 17600, partly at 6% per annum, and the rest at 5% per annum, at simple interest for 2 years. If the interest on both the schemes is equal, then how much money did he invest at 6% p.a.?
1. Rs. 7600
2. Rs. 8000
3. Rs. 8200
4. Rs. 7800

Answer 1

Correct Answer - Option 2 : Rs. 8000

Given:

Total principal = Rs. 17600

Rate = 6% and 5%

Time = 2 years

Formula Used:

S.I = PRT/100

Where,

S.I = Simple interest, P = Principal,

R = Rate of interest, T = Time duration

Calculation:

Let the principal at the rate of 6% and 5% be x and (17600 - x) respectively,

According to the question, we have

(x × 6 × 2)/100 = {(17600 - x) × 5 × 2}/100 

⇒ 12x = 176000 - 10x

⇒ 22x = 176000

⇒ x = 8000

∴ The principal at the rate of 6% is Rs. 8000.