Exams › SSC CGL (Prelims) › General
A person invested ₹12,000 at 5% simple interest and ₹8,000 at 10% simple interest for the same period. If the total interest earned is ₹2,800, what was the time duration?
- 1 year
- 3 years
- 2 years
- 4 years
Correct answer: 2 years
Solution
Interest from ₹12,000 at 5% for $t$ years is $12000\times5\times t/100=600t$. Interest from ₹8,000 at 10% is $8000\times10\times t/100=800t$. Total interest is $1400t=2800$, so $t=2$ years.
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