Question

to
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.
A sum of money doubles itself at simple interest in 12 years. In how many years​

Answer 1

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%

R2 = 8.91% + 3% = 11.91%