A man invests an amount of ₹1,05,750 at simple interest in the name of his son, daughter and his wife in such a way that they get the same interest after 3, 4 and 5 years, respectively.If the rate of interest is 5% per annum, then the amount invested for the wife is:
Answer & explanation
Correct answer: option 1
Let share of Son , Daughter and wife = A , B & C.
Simple interest in each case is same .
We know ,
Simple Interest = \(\frac{Principal ×Rate × Time }{100}\)
\(\frac{A ×5× 3 }{100}\) = \(\frac{B ×5× 4 }{100}\) = \(\frac{C ×5×5 }{100}\)
3A = 4B = 5C
Ratio of share of A , B & C = 20 : 15 : 12
( 20 + 15 + 12 )x = 105750
47x = 105750
x = \(\frac{105750 }{47 }\) = 2250
Share of wife = 12 × 2250 = Rs. 27000