An amount of $$ 1750$ was divided into two parts. The first part was deposited for 2 years at 15% per annum in a bank. The second part was deposited for 3 years at 16% per annum at another bank. Interest received on the two parts adds up to $$ 624$ . The second part deposited in bank was $$$ .

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Solution

Let first part $$ x$ was deposited in Bank 1 and remaining second part $$ (1750 - x)$ in Bank 2

Interest rate Time period of deposit

Bank 1 15% 2 years

Bank2 16% 3 years

Bank 1 : $S I = \frac{P \times R \times T}{100}$

$= \frac{x \times 15 \times 2}{100} = \frac{3 x}{10}$

Bank 2 : $S I = \frac{P \times R \times T}{100}$

$= \frac{(1750 - x) \times 16 \times 3}{100}$

$= \frac{48 \times (1750 - x)}{100}$

Given: Interest received on the two parts adds up to $$ 624$

$∴ \frac{3 x}{10} + \frac{48 \times (1750 - x)}{100} = $ 624$

$\Rightarrow x = 1200 $$

$\Rightarrow$ $(1750 - x)$ = 550 $$$

$∴ $ 550$ was placed in Bank 2.

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	Interest rate	Time period of deposit
Bank 1	15%	2 years
Bank2	16%	3 years

An amount of $1750 was divided into two parts. The first part was deposited for 2 years at 15% per annum in a bank. The second part was deposited for 3 years at 16% per annum at another bank. Interest received on the two parts adds up to $ 624. The second part deposited in bank was $ .

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