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Sunil invested ₹x in scheme A at the rate of 15% per annum for 2 years at simple interest and invested ₹(x + 500) in scheme B at the rate of 12% per annum for 2 years at simple interest. If the total interest received by him at the end of 2 years is ₹4224, find the value of x.

1. 8200
2. 7600
3. 7200
4. 7800

Correct answer: 7600

Solution

For scheme A, interest = $\frac{x \cdot 15 \cdot 2}{100} = 0.3x$. For scheme B, interest = $\frac{(x+500) \cdot 12 \cdot 2}{100} = 0.24(x+500)$. Adding them and equating to 4224 gives $0.54x + 120 = 4224$, so $x = 7600$.

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