Interactive Quiz
An amount of Rs 10,000 is deposited in bank A for a certain number of years at a simple interest of 5% per annum.
On maturity, the total amount received is deposited in bank B for another 5 years at a simple interest of 6% per annum.
If the interests received from bank A and bank B are in the ratio 10:13, then the investment period, in years, in bank A is:
Detailed Solution:
Step 1: Interest from Bank A
Principal deposited in Bank A = ₹10,000
Simple interest rate at Bank A = 5% per annum
Let the number of years of investment in Bank A = \( t_A \)
Interest from Bank A (\( SI_A \)) is calculated as:
\[
SI_A = \frac{10,000 \cdot 5 \cdot t_A}{100} = 500 \cdot t_A
\]
Step 2: Total amount from Bank A deposited in Bank B
Total amount after maturity from Bank A = Principal + Interest = \( 10,000 + 500 \cdot t_A \)
This becomes the principal deposited in Bank B (\( P_B \)).
Step 3: Interest from Bank B
Bank B invests this total amount for 5 years at a simple interest rate of 6%.
Interest from Bank B (\( SI_B \)) is:
\[
SI_B = \frac{(10,000 + 500 \cdot t_A) \cdot 30}{100}
\]
Simplifying:
\[
SI_B = 3000 + 150 \cdot t_A
\]
Step 4: Use the ratio of interests
The interests are given in the ratio 10:13:
\[
\frac{SI_A}{SI_B} = \frac{10}{13}
\]
Substituting values of \( SI_A \) and \( SI_B \):
\[
\frac{500 \cdot t_A}{3000 + 150 \cdot t_A} = \frac{10}{13}
\]
Step 5: Solve for \( t_A \)
Cross-multiply to eliminate the fraction:
\[
13 \cdot 500 \cdot t_A = 10 \cdot (3000 + 150 \cdot t_A)
\]
Simplify:
\[
6500 \cdot t_A = 30,000 + 1500 \cdot t_A
\]
\[
5000 \cdot t_A = 30,000
\]
\[
t_A = \frac{30,000}{5000} = 6
\]
Final Answer: The investment period in Bank A is \( t_A = 6 \) years.