The rates of simple interest in two Nationalized banks are in the ratio 3:2. Rani wants to deposit her total savings in two banks in such a way that she receives equal quarterly interest from both. She should deposit the savings in bank A and B in the ratio
Given:
The rates of simple interest in two Nationalized banks are in the ratio 3 ∶ 2.
Formula Used:
Simple Interest (SI) = (P × R × T)/100
Where P is the Principal, R is the Rate of Interest and T is the Time.
Solution:
=> Rate of interest is 3x and 2x
Let Person invest Rs. P in bank A, and Rs.Q in bank B
=> Then (P × 3x × 1)/100 = (Q × 2x × 1)/100
=> 3P = 2Q
=> P:Q=2:3
∴ She should deposit the savings in bank A and B in the ratio 2:3
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