Question : A man invested INR 4,400 at 10% and INR 7,500 at 8% simple interest. What amount (in INR) will he get from his investments after 12 years?
Option 1: 24,830
Option 2: 24,380
Option 3: 28,380
Option 4: 28,840
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Correct Answer: 24,380
Solution :
For the first investment,
Principal = INR 4,400
Rate = 10%
Time = 12 years
Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$ = $\frac{4400 \times 10 \times 12}{100}$ = INR 5,280
Amount received = 4400 + 5280 = INR 9680
For the second investment,
Principal = INR 7,500
Rate = 8%
Time = 12 years
Simple interest = $\frac{7500 \times 8 \times 12}{100}$ = INR 7,200
Amount received = 7500 + 7200 = INR 14,700
The total amount received from the two investments = 9680 + 14700 = INR 24,380
Hence, the correct answer is 24,380.
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