Question

An equal amount of sum is invested in a bank two different deposit schemes for 3 years at simple interest with rates 20% p.a and 30% p.a. If the total interest after 3 years is Rs.7500, then find the sum invested on each scheme.

1. Rs. 6000 
2. Rs. 5000 
3. Rs. 7000 
4. Rs. 8000 

Answer 1

Correct Answer - Option 2 : Rs. 5000 

Given:

Total interest = Rs. 7500

Time period = 3 years

interest for 1_st scheme = 20%

interest for 2_nd scheme = 30%

Formula Used:

S.I = (P × R × T)/100

Calculation:

Total interest = S.I₁ + S.I₂

S.I₁ + S.I₂ = 7500

7500 = {(P × R₁ × T)/100 + (P × R₂ × T)/100}

7500 = {PT(R1 + R2)}/100 = {P×3(20 + 30)/100} 

7500 = P × (150/100) 

P = 7500 × 2/3 = Rs. 5000 

∴ The sum invested on each scheme is Rs. 5000