A sum of money was lent in two parts in the ratio 4 : 5 for 4 years and 5 years respectively, both at the rate of 8% per annum simple interest. If the difference between the interests earned from the two parts is Rs. 4680, then what was the total sum lent (in Rs.)?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 58500
Let the money be 4x and 5x.
According to the question,
(5x × 5 × 8)/100 - (4x × 4 × 8)/100 = 4680
25x/100 - 16x/100 = 585
9x/100 = 585
9x = 585 × 100 = 58500.