A person invested a total sum of ₹1900 in three different schemes of simple interest at 2%, 4%, and 5% per annum. At the end of one year, he got the same interest from all three schemes. What was the amount (in ₹) invested at 4%?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. ₹500.
Let amounts at 2%, 4%, and 5% be a, b, and c, respectively.
a + b + c = 1900
Interest: 0.02a = 0.04b = 0.05c
Let 0.02a = 0.04b = 0.05c = k
a = k/0.02 = 50k
b = k/0.04 = 25k
c = k/0.05 = 20k
Total = 50k + 25k + 20k = 95k = 1900
⇒ k = 1900/95 = 20
⇒ b = 25 × 20 = 500