📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    Question

    "A person 'P' deposited Rs.

    ‘a’ in SIP 'A' and Rs. ‘b’ in SIP 'B'. He invested in SIP 'A' for 4 years at a simple interest rate of 5% p.a., while in SIP 'B' for 3 years at a simple interest rate of 8% p.a. The amount invested in SIP 'A' was Rs. 400 more than the amount invested in SIP 'B'. If the interest earned from SIP 'A' was Rs. 48 more than the interest earned from SIP 'B', find the total amount invested in both SIPs."
    A Rs.2000 Correct Answer Incorrect Answer
    B Rs.2200 Correct Answer Incorrect Answer
    C Rs.1500 Correct Answer Incorrect Answer
    D Rs.2550 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    ATQ, The amount invested in SIP 'A' and SIP  'B' is Rs. ‘a’ and Rs. ‘b’ respectively. ATQ, a – b = 400 --------(i) Also, a × 5% × 4 – b × 8% × 3 = 48 0.2a – 0.24b = 48 ----------(ii) Solving both equations, we get, a = 1200 and b = 800 Therefore, total amount invested in both SIP's together = 1200 + 800 = Rs. 2000

    Practice Next
    More Simple and compound interest Questions
    ask-question