Multiple choice

Rupa received cash price of Rs. 1550 for good performance in class in year 2013. She decided to deposit the money in two different banks. She deposited the money partly with ABC Bank at 5% and partly at CBA Bank at 8% p.a. simple interest. The total interest received in 2016 was Rs. 300. How much money did she deposit in CBA Bank?

  1. Rs. 600

  2. Rs. 750

  3. Rs. 800

  4. Rs. 1000

  5. Rs. 1200
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Simple interest I = PRT/100. Let x be amount in ABC bank, 1550-x in CBA bank. Interest = (x*5*3)/100 + ((1550-x)*8*3)/100 = 300. 15x + 37200 - 24x = 30000. 9x = 7200, x = 800. Amount in CBA bank = 1550 - 800 = 750.

AI explanation

Assuming the money was deposited at the beginning of 2013 and held until the beginning of 2016, the time period is 3 years. Let x be the amount deposited in CBA Bank, so the amount deposited in ABC Bank is 1550 minus x. The total interest equation is x times 8 times 3 divided by 100 plus the product of 1550 minus x, 5, and 3 divided by 100 equals 300. Solving this equation, 24x plus 23250 minus 15x equals 30000, which gives 9x equals 6750. She deposited Rs. 750 in CBA Bank.

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