A man has Rs. 1000 to invest. He invests Rs. 400 at 5% and Rs. 300 at 4%. At what rate must he invest the remaining Rs. 300 to get a total annual income of Rs. 55?
Q1. A man has Rs. 1000 to invest. He invests Rs. 400 at 5% and Rs. 300 at 4%. At what rate must he invest the remaining Rs. 300 to get a total annual income of Rs. 55?
Answer: 7%
Explanation: Income from Rs. 400 at 5% = 400 * 5 / 100 = 20. Income from Rs. 300 at 4% = 300 * 4 / 100 = 12. Total income from these = 20 + 12 = 32. Remaining income needed = 55 - 32 = 23.