A man invests two different amounts in the same bank yielding 6% per annum & 8% per annum respectively.If the simple interest earned on both the amounts is the same after a specific time period of investment then what shall be the ratio their initial amounts invested respectively?
Answers
Answer:
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Answer:
Let the amount invested in scheme A and B be x
Simple interest = PRT/100 where P = Principal, R = rate of interest and T = time period
Simple interest for scheme A = (x × 12 × 6)/100 = 0.72x
Simple interest for scheme B = (x × 8 × 8)/100 = 0.64x
According to the question,
0.72x – 0.64x = 1250
⇒ 0.08x = 1250
∴ x = 1250/0.08 = 15625
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