A man deposited Rs.10000 in two different banks at the same time from his savings. The yearly interest rate of one bank is 6% and other is 7%. If after 2years the man gets Rs.1280 as simple interest, then how much money didhe deposit in each bank?
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A man deposited Rs.10000 in two different banks at the same time from his savings. The yearly interest rate of one bank is 6% and other is 7%. If after 2years the man gets Rs.1280 as simple interest, then how much money didhe deposit in each bank?
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Total Interest is 1280 rupees
let a man save 10000 rs in bank for 6% for 2 years
Interest=Principal *years*interest rate=10000*2*0.06=1200
but he got 80 rupees extra , this amount is due to 1% high interest rate(7-6) in second bank
let 100 rs
princpal=100 rupees, years=2 interest rate=1%
interest=100*2*0.01=2 rupees
for every 100 rupees in second bank man got 2 rupees more interest.
But he got 80 rupees more
=> princpal in second bank=80/2*100=4000
princpal in first bank=10000-4000=6000.