Question
Download Solution PDFA part of Rs. 48,500 is invested at a simple interest of 15% per annum. The rest of the money is invested at the rate of 10% simple interest per annum after 2 years of the first investment. The ratio of interest after 5 years from the time when the first amount was invested is 5 : 3. How much is the second part that was invested( in Rs.) at the rate of 10% simple interest?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Total amount = Rs. 48,500
Interest rate for the first part = 15% per annum
Interest rate for the second part = 10% per annum
Ratio of interests after 5 years = 5:3
Formula used:
Simple Interest (SI) = (P × R × T) / 100
Calculation:
Let the first part be Rs. x. Then, the second part = Rs. (48,500 - x)
Interest from the first part = 0.75x
Interest from the second part = (48500 - x)× 0.3 = 14,550 - 0.3x
According to the ratio:
0.75x / (14,550 - 0.3x) = 5 / 3
Solving, x = Rs. 19,400
Second part = 48,500 - 19,400 = Rs. 29,100
∴ The second part invested at 10% simple interest is Rs. 29,100.
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