Question

Two friends Amit and Rahul invested an equal sum of Rs. P in a scheme. If simple interest of 9% and 6% respectively was offered to them at the end of 2 years the difference between the total amount received by Amit and Rahul was Rs. 2166, then find out the value of P.
1. 36600
2. 36100
3. 24000
4. 54000
5. 18500

Answer 1

Correct Answer - Option 2 : 36100

Given:

Two friends Amit and Rahul invested an equal amount of sum Rs. P in two different schemes.

Simple interest offered by the two schemes were at the rate 9% and 6% respectively and at the end of 2 years

Difference between the total amount received by Amit and Rahul was Rs. 2166.

Formula used:

Simple Interest = {Sum (P) × rate of interest (r) × time (t)}/100

Amount (A) = Principal (P) + Simple interest (S.I)

Calculation:

After 2 years, Rahul’s amount from first scheme

⇒ P + (P × 9 × 2)/100 = 118P/100

Rahul’s amount from second scheme

⇒ P + (P × 6 × 2)/100 = 112P/100

Difference between the amounts received by Rahul from both schemes

118P/100 – 112P/100 = 2166

⇒ 6P = 2166 × 100

⇒ P = 36100

∴ The value of P is Rs. 36100