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Suraj invested a total of Rs 16000 in two schemes A and B. Out of the total money he invested some amount in scheme A which offers simple interest at the rate of 6% per annum for 2 years and the other amount in scheme B which offers interest at the rate of 11% per annum for 2 years. At the end of 2 years he found that the interest received from scheme B is Rs 120 more than the interest received from scheme A then find out amount invested in scheme B?

Suraj invested a total of Rs 16000 in two schemes A and B. Out of the total money he invested some amount in scheme A which offers simple interest at the rate of 6% per annum for 2 years and the other amount in scheme B which offers interest at the rate of 11% per annum for 2 years. At the end of 2 years he found that the interest received from scheme B is Rs 120 more than the interest received from scheme A then find out amount invested in scheme B? Correct Answer Rs 6000

Formula used:

S.I. = PRN/100

Where, P = Principal amount,

R = Rate of interest

N = Number of years

Calculation:

Let the amount invested by Suraj in scheme A be x

Scheme B= 12000 – x

⇒ Interest= PNR/100

Now,                         

⇒ ((16000 – x) × 11× 2/100) – (x × 6 × 2/100) = 120

⇒ ((352000 – 22x)/100) – (12x/100) = 120

⇒ 352000 – 34x/100= 120

⇒  34x = 352000 - 12000

⇒  3400= 40x / 100

⇒  x = 10000

Investment in scheme A = Rs 10000

Investment in scheme B= 16000 – 10000= Rs 6000

∴ Amount invested in scheme B is Rs 6000

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