A person invested ₹8,000 in one scheme at 6% simple interest and ₹5,000 in another scheme at 8% simple interest for the same duration. If he received a total interest of ₹1,760 from both investments, what was the duration (time period) of the investments?
2 years
Let the time be \(t\) years. Compute the simple interest from each scheme:
\(SI_1 = \dfrac{8000 \times 6 \times t}{100} = 480t\)
\(SI_2 = \dfrac{5000 \times 8 \times t}{100} = 400t\)
Total interest:
\(480t + 400t = 880t = 1760 \;\Rightarrow\; t = 2\).
Hence the duration is 2 years.
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