Question

amit's saving is 1000 rs more than vikas's saving.they both save 10% of their respective income.amit and vikash both invested 30% and 20% of their respective income in a scheme which offers 10% per annum for 10 months and 12 months respectively. if total interest earned by both is rs 2500 then find the income of vikash?

Answer 1

Let Amit's income be x

and Vikas's income be y

Both save 10% of their income, so

0.1x - 0.1y = 1000

x - y = 10000....(1)

Investment made by Amit = 30% of x = 0.3x

Investment made by Vikas = 20% of y = 0.2y

Interest earned by Amit is given by

SI(Amit) = [ (0.3x)(10)(10/12) ] / 100 = 30x/1200 = x/40

SI(Vikas) = [ (0.2y)(10)(1) ] / 100 = 2y/100 = y/50

So, x/40 + y/50 = 2500

5x + 4y = 500000....(2)

Solving (1) and (2) we get

5(y + 10000) + 4y = 500000

5y + 50000 + 4y = 500000

9y = 450000

y = 50000

Therefore income of Vikas is Rs. 50000