Srinivasan invests two equal amounts in two banks giving 8% and 12% rate of interest respectively. At the end of year the interest earned is Rs. 1500. Find the sum invested in each.
Correct Answer: Rs. 7500
Explanation:
Let the sum invested be x.
⇒ 8x/100 + 12x/100 = 1500
⇒ 20x = 150000
⇒ x = 7500
