Bharov invested rs2000 for 3years . He also invested rs 1600 for the same period but at a rate of 2% higher than the first. If the total interest received by him is rs996, find the two rates of interest.
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Let the Rate in first case be x.
Principal (P) = Rs.2000
Time (T) = 3 years
Simple Interest (SI) = PRT/100
=> SI in first case = 2000 × x × 3/100 = 60x
In second case,
Principal (P) = Rs.1600
Rate = x + 2
Time (T) = 3 years
Simple Interest (SI) = PRT/100
=> SI in second case = 1600 × (x+2) × 3/100 = 48 (x+2) = 48x + 96
According to Question,
60x + 48x + 96 = 996 =
=> 108x = 996 - 96
=> 108x = 900
=> x = 900/108 = 8 36/108 %
Hence, rate in first case = 8 36/108 % or 8.33%
Rate in second case = 102/100 × 900/108 = 102/12 = 8.5%
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