A person invested ₹20,000 in two different schemes. He invested one part for 4 years at 8% simple interest and the other part for the sarne duration at 10% simple interest, if the interest earned from the second part was ₹2,240 more than the interest earned from the first part, how much money was invested in the second scheme?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is Option 3 i.e. ₹12,000.
Let amount in second scheme = x, then first scheme = 20000 - x
SI = (P × R × T)/100
Interest from first scheme
Interest from second scheme
0.4x - 0.32(20000 - x) = 2240
⇒ 0.4x - 6400 + 0.32x = 2240
⇒ 0.72x = 8640
⇒ x = 8640/0.72 = 12000