Question

13. Gopi invests * 2500 for 5 years. He also invests * 3500 for 3 years at a rate of 3% higher than the first rate of interest. The total interest he earns from these together is * 2155. Find the two rates of interest. ​

Answer 1

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Let the 2 interest rates be ‘x' and ‘x + 0.03' respectively.

Total simple interest = Simple Interest from Investment 1 + Simple Interest from Investment 2

P1 = 25000

T1 = 5 Years

R1 = x

P2 = 35000

T2 = 3 years

R2 = x + 0.03

Total simple interest = P1*R1*T1 + P2*R2*T2

21550 = 25000*(x)*5 + 35000*(x+0.03)*3

By solving this equation,

x comes out to be 0.0891,

Hence

R1 = 8.91%

R2 = 8.91% + 3% = 11.91%