Multiple choice

Nitin invested in two different schemes: Y and Z. He invested a total sum of Rs. 16,000. He invested part of the sum at 15% per annum in Y and the rest at 12% per annum in Z. He earned a total simple interest of Rs. 4000 in 2 years. What was the approximate amount (in Rs.) he invested in scheme Y?

  1. 3197

  2. 2537

  3. 2667

  4. 2853

  5. 2601
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Let x be the amount in Y. Interest = (x * 0.15 * 2) + ((16000 - x) * 0.12 * 2) = 4000. 0.3x + 0.24(16000 - x) = 4000. 0.3x + 3840 - 0.24x = 4000. 0.06x = 160. x = 160 / 0.06 = 2666.67.

AI explanation

Let the amount invested in scheme Y be x, which makes the amount in scheme Z equal to 16000 minus x. The total simple interest for 2 years is 2 times 15% of x plus 2 times 12% of 16000 minus x, totaling 4000. Solving the equation 0.30x plus 0.24 times 16000 minus 0.24x equals 4000 gives 0.06x equals 160. Therefore, x equals 160 divided by 0.06, which is approximately Rs. 2667.

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