Multiple choice

Total amount of simple interest earned by a person in 2 years is Rs. 4140. He invested Rs. 15,500 in two different schemes X and Y at 15% and 12% simple interest per annum. Find the amount invested by the person in scheme Y.

  1. Rs. 6210

  2. Rs. 7020

  3. Rs. 8500

  4. Rs. 9100

  5. Rs. 9350
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Let x be the amount in scheme X and (15500-x) in scheme Y. Interest = (x * 0.15 * 2) + ((15500-x) * 0.12 * 2) = 4140. 0.3x + 3720 - 0.24x = 4140. 0.06x = 420. x = 7000. Amount in Y = 15500 - 7000 = 8500.

AI explanation

The total interest of Rs. 4140 over 2 years on a total principal of Rs. 15,500 means the total one-year interest is Rs. 2070. Let the amount invested in scheme Y at 12% be y, so the amount in scheme X at 15% is (15500 - y), leading to the equation 0.15(15500 - y) + 0.12y = 2070. Solving this gives 2325 - 0.15y + 0.12y = 2070, meaning 0.03y = 255, so the amount invested in scheme Y is Rs. 8500.

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