Problem: Mr. Amin invests Tk. 24,000 in Southeast Bank at 7.5%. How much additional money must he invest at 10% so that the total annual income will be equal to 9.25% of his entire investment?
View all: SOUTHEAST BANK OFFICER (TO) | WRITTEN QUESTION (MATH) SOLVE | 2016
Correct Answer: Additional Tk. 56,000 is needed to make income equal.
Explanation:
Let, he has to invest more Tk. x at 10% interest
Then his total investment will be = (24,000 + x) Tk.
Now at 7.5%, the amount of interest on Tk. 24,000 = (24000$\times \frac{7.5}{100}$) TK
At 10%, the amount of interest on Tk. x =(x$\times \frac{10}{100}$) TK
At 9.25%, the amount of interest on Tk. (24,000 + x) = (24,000 + x)$\times \frac{9.25}{100}$)
=> $\frac{180000}{100}$+$\frac{10x}{100}$ = $\frac{222000+9.25x}{100}$
=> 1,80,000 + 10x = 2,22,000 + 9.25
=> 10x – 9.25x = 2,22,000 -1,80,000
=> 0.75x = 42,000
=> x = $\frac{42000}{0.75}$
x = 56,000