Two equal sums of money are lent on the same day, one at 8% per annum simple interest for 5 years and the other at 10% per annum simple interest for 3 years. Together they earn ₹4900 in interest. Each sum (in ₹) is:

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Accepted Answer

7000. One rupee earns 0.08 × 5 = 0.40 in the first loan and 0.10 × 3 = 0.30 in the second, so each sum P satisfies 0.70P = 4900 and P = ₹7000. ₹14000 is the two sums TOGETHER, ₹12250 comes from crediting the whole ₹4900 to the 8%-for-5-years loan alone, and ₹3500 halves the correct answer once more.

Two equal sums of money are lent on the same day, one at 8% per annum simple interest for 5 years and the other at 10% per annum simple interest for 3 years. Together they earn ₹4900 in interest. Each sum (in ₹) is:

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