Rs. 16,000 was invested for three years, partly in scheme a at the rate of 5% simple interest per annum and partly in scheme b at the rate of 8% simple interest per annum. Total interest received at the end was rs. 3480. How much sum of money was invested in scheme a?
Answers
Answer:
Sum of money invested in scheme a is Rs 4000
Explanation:
Formula for simple interest is
SI = (P × R × T)/100
where, P = Principal amount, R = Rate of interest, T = time in years
Given that Rs 16000 is invested partly in scheme a and partly in scheme b
Let the amount from Rs 16000 invested in scheme a be Rs x
Thus, amount invested in scheme b = Rs (16000 - x)
Also, given the below details
Rate of interest for scheme a, Ra= 5%
Rate of interest for scheme b, Rb = 8%
Time, T = 3 years
Simple Interest, SI = Rs 3480
Simple interest received at end of 3 years on Rs 16000 is the sum of the simple interest received on scheme a and scheme b
SI = SI (From scheme a) + SI (From scheme b)
3480 = (x × 5 × 3)/100 + [(16000 - x) × 8 × 3)]/100
3480 × 100 = 15x + (16000 - x)×24
348000/3 = 5x + (16000 - x)×8
116000 = 5x + 128000 - 8x
8x - 5x = 128000 - 116000
3x = 12000
x = 12000/3
x = 4000
Thus, sum of money invested in scheme a = Rs 4000