Question

A man has Rs. 7000 to invest. He invests Rs. 4000 at 3% p.a. simple interest. At what
rate of simple interest must he invest the remainder in order to obtain 4% interest
on the total amount?

Answer 1

Answer:

interest of Rs 7000 at 4% rate of interest

Rs 7000×4/100

=Rs 280

interest of Rs 4000 at 3% rate of interest

=Rs 4000×3/100

=Rs 120

so, Rs (7000-4000) =Rs 3000

interest=Rs (280-120)= Rs 160

rate of interest

160×100/3000 %

=16/3 %

=5 1/3 %