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₹16,000 was invested for three years, partly in Scheme A at the rate of 5% simple interest per annum and partly in Scheme B at the rate of 8% simple interest per annum. The total interest received at the end was ₹3,480. What amount was invested in Scheme A?

1. ₹6500
2. ₹5000
3. ₹8000
4. ₹4000

Correct answer: ₹4000

Solution

If x is invested at 5%, then ₹16,000 - x is invested at 8%. The total simple interest for 3 years is \(0.05\times 3x + 0.08\times 3(16000-x)=3480\). Solving gives x = ₹4,000.

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