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A person lends Rs. 300 to A at 4% and Rs.540 to B at 6% for the same time. if the total amount that he gets at the end is Rs. 1032. What is the time?

Answer

Money lent to A+B = (300 + 540) = Rs. 840

Amount received = Rs. 1032

Interest received = Rs. 1032 - Rs.840 = Rs. 192

Interest on Rs. 300 lent to A for 1 year = $\frac{300 \times 1 \times 4}{100}$ = Rs. 12

Interest on Rs.540 lent to B for 1 year = $\frac{540 \times 6 \times 1}{100}$ = Rs. 36

Total yearly interest = Rs.(12+36) = Rs.48

If interest is Rs. 48, time = 1 year

If interest is Rs. 192, time = 192/48 = 4 years

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Subject: Simple Interest Exam Prep: GATE , CAT , Bank Exams , AIEEE
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