Gappu invested Rs X at 8% simple interest for three years in a scheme and he invested the same sum for four years at 4% simple interest in another scheme. If the total interest get by Gappu from both the schemes is Rs 398, then find X.
Correct Answer :
995
Solution :
The correct answer is 995.
Let's find the value of X step-by-step using the formula for Simple Interest (SI):
where:
- is the Principal amount invested,
- is the Rate of interest per annum, and
- is the Time period in years.
Step 1: Calculate the interest from the first scheme
Gappu invested Rs at a rate of 8% for 3 years.
Step 2: Calculate the interest from the second scheme
Gappu invested the same sum of Rs at a rate of 4% for 4 years.
Step 3: Set up the equation for total interest
The total interest obtained from both schemes is given as Rs 398.
Combine the fractions:
Simplify the fraction:
Solve for :
Therefore, the value of the invested sum is Rs 995.
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