A man invested ₹4,400 at 10% and ₹7,500 at 8% simple interest. What amount (in) will he get from his investments after 12 years?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 24,380.
SI = (P × R × T) / 100
1st investment: ₹4,400 at 10% for 12 years
SI₁ = (4400 × 10 × 12) / 100 = ₹5,280
2nd investment: ₹7,500 at 8% for 12 years
SI₂ = (7500 × 8 × 12) / 100 = ₹7,200
Total interest = 5280 + 7200 = ₹12,480
Total principal = 4400 + 7500 = ₹11,900
Total amount = 11,900 + 12,480 = ₹24,380