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)

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.