Archit invested an amount of Rs. 13,900 divided into two different schemes, A and B, at the simple interest rate of 14% p.a. and 11% p.a., respectively. If the total amount of simple interest earned in 2 years is Rs. 3508, then determine the amount invested in Scheme B by Archit?
Solution
Let the amount invested in Scheme A be Rs. X.
Then, the amount invested in Scheme B = 13900 - X
Interest from Scheme A: $$\dfrac{\left(X\times14\times2\right)}{100}=0.28X$$
Interest from Scheme B: $$\dfrac{\left(\left(13,00-X\right)\times11\times2\right)}{100}=0.22\left(13900-X\right)$$
Total interest: 0.28X + 0.22(13900 - X) = 3508
0.28X + 3058 - 0.22X = 3508
0.06X = 450
X = 7500
Amount in Scheme B: 13900 - 7500 = 6400
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