Question 19

Ramesh invests ₹1,200 at 5 % simple interest. How much additional money must he invest at 8 % simple interest so that his total annual income will be equal to 6 % of his total investment during this year ?

Solution

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Let A be his additional investement. The interest obtained on A will be 0.08A.

The interest obtained on Rs. 1,200 will be Rs. 60.

60+0.08A = 0.06(1200+A)

0.02A = 12

A = 600

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