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Question

A person has Rs.30,000 to invest.He wants to invest some amount in the fixed deposit and remaining in savings account.The interest rates are 7% and 5% p.a for the fixed deposit and the saving account respectively. Find how he should divide the total amount Rs.30000 in two accounts if he wants to get the annual interest as (i) Rs.1800 (ii) Rs.2000.

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Solution

Let us assume that the person will invest Rs. x in savings account
Amount invested in the fixed deposit = Rs. (30,000x)

Given the rate of interest in savings and fixed deposits are 5% and 7% p.a. respectively.

Now, total interest got by the person in annum is x×5100+(30,000x)×7100.

i) According to the problem,
x×5100+(30,000x)×7100=1800

x×5100+2,10,000100x×7100=1800

x×5100x×7100=18002100

2x100=300

x=15,000.

For the first case, he has to invest Rs. 15,000 in each of the accounts.

ii) For the second case

x×5100+(30,000x)×7100=2000

x×5100+2,10,000100x×7100=2000

x×5100x×7100=20002100

2x100=100
x=5,000.

In this case, he has to invest Rs. 5,000 in savings and Rs. 25,000 in fixed deposit.

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