Question

An equal amount of sum is invested in two different schemes for 2 years at simple interest with rates 14% p.a and 11% p.a. If the total interest after 2 years is Rs.2724, then find the sum invested on each scheme.
1. Rs.4688
2. Rs.5448
3. Rs.4680
4. Rs.5746

Answer 1

Correct Answer - Option 2 : Rs.5448

Given:

Sum is invested for 2 years at the rates 14% and 11%

Total sum of S.I = Rs.2724

Concept used:

S.I = (P × R × T)/100

Calculation:

Let the sum be Rs.x

Then, S.I for 2 years @ 14% = 28x/100

Also, S.I for 2 years @ 11% = 22x/100

Total interest = 28x/100 + 22x/100 = 50x/100

As per the question,

50x/100 = 2724

⇒ x = 2724 × 100/50

⇒ x = 5448

∴ The sum is Rs.5448