Question 59

Equal amounts are invested in two schemes A and B for 6 years and 8 years respectively. Scheme A offers interest at the rate of 12% per annum and scheme B offers interest at the rate of 8% per annum. The difference between the interests earned is Rs. 1280. What is the amount invested in each scheme ?

Solution

Let the amounts invested in each scheme be $$100x$$

Scheme A : rate = 12% , time = 6 years

Interest earned = $$\frac{P \times R \times T}{100}$$

= $$\frac{100x \times 12 \times 6}{100} = 72x$$

Scheme 2 : rate = 8% , time = 8 years

Interest earned = $$\frac{100x \times 8 \times 8}{100} = 64x$$

=> Difference in interest = $$72x - 64x = 1280$$

=> $$x = 160$$

$$\therefore$$ Amount invested in each scheme = 100 * 160 = Rs. 16,000

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