A person invested ₹8,000 in one scheme at 6% simple interest and ₹5,000 in another scheme at 8% simple interest for the same duration. If he received a total interest of ₹1,760 from both investments, what was the duration (time period) of the investments?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 2 years.
Let the time period of the investment = t years
SI = (P × R × T)/100
SI of ₹8000 at 6% = (8000 × 6 × t)/100 = 480t
SI of ₹5000 at 8% = (5000 × 8 × t)/100 = 400t
Total SI = 480t + 400t = 880t = 1760
⇒ t = 1760/880 = 2 years