Vijay invested certain amounts 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 ₹1,860 as the total annual interest. Howeve

Question

Vijay invested certain amounts 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 ₹1,860 as the total annual interest. However, had he interchanged the amounts of investments in the two schemes, he would have received ₹20 more as annual interest. How much money did he invest in each scheme?

Accepted Answer

Step 1: Let Vijay invested ₹$x$ at 8% rate of interest and ₹$y$ at 9% rate of interest. ATQ: $\frac{8x}{100} + \frac{9y}{100} = 1860$, i.e., $8x + 9y = 186000$ ... (i)
Step 2: If interchanged: $\frac{9x}{100} + \frac{8y}{100} = 1880$, i.e., $9x + 8y = 188000$ ... (ii)
Step 3: On solving (i) and (ii), we get $x = 12000$ and $y = 10000$.
Step 4: Hence, money invested in scheme A is ₹12000 and scheme B is ₹10000.

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