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Rs. 16500 is split into two fixed deposits for 2 years at 10% and 12% Simple Interest. If the total interest received from the deposits is Rs. 3620, how much was invested in the 12% scheme?
Rs.8500
Rs.10500
Rs. 9500
Rs.10000
Rs.8000
- We have two fixed deposits for a total amount of Rs. 16500.
- The deposits earn Simple Interest at rates of 10% and 12% over 2 years.
- Total interest from both deposits is Rs. 3620.
- Let's assume the amount in the 12% scheme is Rs. x.
- Therefore, the amount in the 10% scheme will be Rs. (16500 - x).
- Interest from the 12% scheme: x×12×2100=0.24x.
- Interest from the 10% scheme: (16500−x)×10×2100=0.2(16500−x).
- Total interest equation: 0.24x+0.2(16500−x)=3620.
- Simplifying the equation: 0.24x+3300−0.2x=3620.
- 0.04x=320.
- Solve for x: x=8000.
Option 5: Rs. 8000
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