Mr. Thomas invested an amount of Rs.13,900 divided in two different schemes A and B at the simple interest rate of 14% p.a. and 11% p.a.,…
Mr. Thomas invested an amount of Rs.13,900 divided in two different schemes A and B at the simple interest rate of 14% p.a. and 11% p.a., respectively. If the total amount of simple interest earned in 2 years was Rs. 3508, what was the amount invested in Scheme B?
Select an option to attempt
Correct Answer: Option B
Explanation
Let amount in scheme B =, then scheme A =. Simple interest formula:. Total SI over 2 years = Rs. 3508:..... Amount in Scheme B = Rs. 6,400.