S deposits a total of ₹50,000 in two accounts which give 8% and 12% simple interest annually, respectively. After one year, he gets a total ₹5,200. How much money does he deposit in the account with a 12% interest rate?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. ₹30,000.
Let the money deposited at 12% interest rate be x.
⇒ Money deposited at 8% interest rate = (50000 - x)
SI = PRT/100
Where SI is simple interest, P is principal, R is rate and T is time.
According to the given question,
x × 12/100 + (50000 - x) × 8/100 = 5200
⇒ 12x + 8(50000 - x) = 520000
⇒ 12x + 400000 - 8x = 520000
⇒ 4x = 120000
⇒ x = 30000