Answered: Sary invested certain amount of money…

Algebra for College Students

10th Edition

ISBN:9781285195780

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter11: Systems Of Equations

Section11.CR: Review Problem Set

Problem 36CR: Sara invested 2500, part of it at 4 and the rest at 6 yearly interest. The yearly income on the 6...

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Question

Sary invested certain amount of money in two schemes A and B, which offer interest at the rate of 8% per annum and 9% per annum respectively. He received Rs. 1860 annual interest. However, had he interchange the amount of investment in two schemes, he would have received Rs. 20 as more as annual interest. How much
money did he invest in each school?

Expert Solution

Step 1

Let the amount of investments in schemes A and B be Rs. x and Rs. y, respectively.

Step 2

Given that, interest rate in scheme A is 8% and in scheme B is 9% and he received Rs. 1860 annual interest.

Therefore, we get

Algebra homework question answer, step 2, image 1

Step 3

Also given that if he interchange the amount of investment in two schemes, he would have received Rs. 20 as more as annual interest.

Therefore, we get

Algebra homework question answer, step 3, image 1

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