A person invested a total sum of ₹2200 in three different schemes of simple interest at 4%, 5%, and 10% per annum. At the end of one year, he got the same interest from all three schemes. What was the amount (in ₹) invested at 5%?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is Option 2 i.e. ₹800.
Let the amounts at 4%, 5%, and 10% be a, b, and c.
a + b + c = 2200 ...(1)
Also, 0.04a = 0.05b = 0.10c
⇒ a = (5/4)b
⇒ c = b/2
From (1): (5/4)b + b + b/2 = 2200
⇒ 5b + 4b + 2b = 8800
⇒ 11b = 8800
⇒ b = 8800/11 = 800