Manish invests ₹25000 for 5 years. He also invests ₹35000 for 3 years at a rate of 3% higher than the first rate. The total simple interest he earns from these together is 21550. Find the two rates of interest
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Answer:
The 2 interest rates are 8.91% & 11.91% respectively.
Step-by-step explanation:
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%
Hope this will help .Please mark me the brainliest
R2 = 8.91% + 3% = 11.91%
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