Mr Gogia invested an amount of ₹,13,900 divided into two different schemes A and B at the simple interest rate of 14% pa and 11% pa, respectively. If the total amount of simple interest earned in 2 years is ₹3,508, what was the amount invested in scheme B?

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This question was previously asked in

SSC Selection Post 2024 (Matriculation Level) Official Paper (Held On: 21 Jun, 2024 Shift 1)

Answer 1

Given:

Total investment = ₹13,900

Rate of interest for Scheme A = 14% p.a.

Rate of interest for Scheme B = 11% p.a.

Total simple interest earned in 2 years = ₹3,508

Formula Used:

Simple Interest (SI) = (Principal × Rate × Time) / 100

Calculation:

Let the amount invested in Scheme A be ₹x.

Then, the amount invested in Scheme B = ₹(13,900 - x).

Simple Interest from Scheme A for 2 years = (x × 14 × 2) / 100 = 0.28x

Simple Interest from Scheme B for 2 years = ((13,900 - x) × 11 × 2) / 100 = 0.22(13,900 - x)

Total Simple Interest = 0.28x + 0.22(13,900 - x)

Given that total simple interest earned in 2 years is ₹3,508,

0.28x + 0.22(13,900 - x) = 3,508

⇒ 0.28x + 3,058 - 0.22x = 3,508

⇒ 0.06x = 450

⇒ x = 450 / 0.06

⇒ x = 7,500

Therefore, the amount invested in Scheme B = ₹(13,900 - 7,500) = ₹6,400

The amount invested in scheme B is ₹6,400.

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