Rohit distributed 70% of the total money he had between Priya and Meena in the ratio 5:9, respectively. Priya and Meena deposited their respective shares at 6% and 10% simple interest per annum for 4 years. If the difference in the interest earned by Meena and Priya is Rs. 2,304, find the total amount Rohit had.
Show answer & explanation
Correct answer: D
Explanation
Given:
Priya's interest rate = 6%
Meena's interest rate = 10%
Time = 4 years
Interest difference = ₹2304
Formula:
Simple interest = (P × R × T) / 100
Let Rohit's total amount = x
Total amount given to Priya and Meena = 70% × x = 0.7x
Now the ratio = 5 : 9
Priya's share = 0.7x × 5/14 = 0.25x
Meena's share = 0.7x × 9/14 = 0.45x
Priya's interest = (0.25x × 6 × 4) / 100 = 0.06x
Meena's interest = (0.45x × 10 × 4) / 100 = 0.18x
Interest difference = 0.18x − 0.06x = 0.12x
0.12x = 2304
x = ₹19200