A novelist earned Tk. 1,00,000 from royalties on her book. She paid 20% income tax or the royalties. She invested Tk. 50,000 at one rate and the rest at a rate that was 1% lower earning 6,100 taka annual interest on the two investments. What was the lower rate?

Ashifur September 9, 2023 - 16:10

Problem: A novelist earned Tk. 1,00,000 from royalties on her book. She paid 20% income tax or the royalties. She invested Tk. 50,000 at one rate and the rest at a rate that was 1% lower earning 6,100 taka annual interest on the two investments. What was the lower rate?

View all: AGRANI BANK LTD (OFFICER-CACH) WRITTEN QUESTION (MATH) SOLVE | 2018

Correct Answer: 7%

Explanation:

here. Earned royalties = 1,00,000 TK

Remaining royalties after tax = 1.00.000 – ( 1,00,000 x 20%) = 80,000 TK

Invested at higher rate = 50.000 TK

so, Invested at lower rate = 80.000 – 50,000 = 30,000 TK

Let. Higher rate be = x%

Lower rate be = (x-1)%

According to the question

(50,000× x%× x%×1)+{(30,000 × (x-1)%×1)% ×1)} = 6,100

=> 50,000 $\frac{x}{100} $ + 30,000 $\frac{x-1}{100}$ = 6,100

=> 500x + 300(x -1) = 6,100=> 500x + 300x -300 = 6,100=> 800x = 6,100 + 300

so, x = 8

so, Higher rate = 8%

So lower rate = 8 -1 = 7%

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