Sunil invested Rs. x in scheme A at a rate of 15% per annum for 2 years at Simple Interest and invested Rs. (x + 500) in scheme B at the rate of 12% per annum for 2years at simple Interest. If the total interest received by him at the end of 2 years is Rs. 4224 then find the value of x.
A. 7600
B. 1275
C. 4343
D. 3435
Sol:
Amount invested by Sunil in scheme A = x
Amount invested by Sunil in scheme B = x + 500
Rate of interest in scheme A = 15% per annum
Rate of interest in scheme B = 12% per annum
Total interest received after 2 years = 4224
Formula:
Total interest = Interest received in scheme A + Interest received in scheme B
Calculations:
Total interest = {(x × 15 × 2)/100} + [{(x + 500) × 12 × 2}/100] = 4224
⇒ {30x/100} + [{24x + 12000}/100] = 4224
⇒ {30x/100} + {24x/100} = 4224 – 120
⇒ 54x/100 = 4104
⇒ x = 410400/54
⇒ x = 7600
∴ The value of x is 7600.
