Aman invested a sum of money in scheme A at the rate of 8% p.a. for a period of 5 years on simple interest. He invested four times of the sum of scheme A in scheme B at the rate of 5% p.a. for 7 years on simple interest. He received a total interest amount of ₹1,620. How much (in ₹) did he invest in scheme B?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. 3,600.
Simple Interest = (P × R × T)/100
Where, P = Principal; R = Rate of interest per annum; T = Total time
Let the amount invested in scheme A be x and the amount invested in scheme B be 4x.
The total interest = ₹1,620
So,
⇒ (2x/5) + (7x/5) = 1620
⇒ 9x/5 = 1620
⇒ x = 900
⇒ 4x = 4 × 900 = 3600
Therefore, Aman invested ₹3,600 in scheme B.