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Question

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 $ (1750x) in Bank 2
Interest rate Time period of deposit
Bank 1 15% 2 years
Bank2 16% 3 years

Bank 1 : SI=P×R×T100

=x×15×2100=3x10

Bank 2 : SI=P×R×T100

=(1750x)×16×3100

=48×(1750x)100

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

3x10+48×(1750x)100=$ 624

x=1200 $

(1750x) = 550$

$ 550 was placed in Bank 2.

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