Question

X invested an amount to axis bank for 5 years @8 %interest and the same amount is invested in icici bank @9 %interest for 4 years, if the difference between the interest earned from two banks is 500, find each amount invested in two banks.​

Answer 1

Answer:

12500

Step-by-step explanation:

Difference between the two interests = 500

Simple Interest = (p X r X t) / 100

From the question,

Let the amount be y

500 = (y X 8 X 5)/100 - (y X 9 X 4)/100

500 = 40y/100 - 36y/100

500 = 4y/100

500 = y/25

y = 500 X 25

y = 12500

Each amount would be 12500 since the question says that X invested the same amount in both banks.