Question:medium
Qoban has some money (M) that he divides in the ratio of 1:2. He then deposits the smaller amount in a savings scheme that offers a certain rate of interest, and the larger amount in another savings scheme that offers half of that rate of interest. Both interests compound yearly. At the end of two years, the total interest earned from the two savings schemes is £
830. It is known that one of the interest rates is 10% and that Qoban deposited more than £1000 in each saving scheme at the start. Find the value of M?
Qoban has some money (M) that he divides in the ratio of 1:2. He then deposits the smaller amount in a savings scheme that offers a certain rate of interest, and the larger amount in another savings scheme that offers half of that rate of interest. Both interests compound yearly. At the end of two years, the total interest earned from the two savings schemes is £
830. It is known that one of the interest rates is 10% and that Qoban deposited more than £1000 in each saving scheme at the start. Find the value of M?
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For compound interest problems with two parts, set up separate interest calculations and sum them to form an equation. Consider both possibilities for which part gets the higher rate.
Updated On: Mar 30, 2026
- 12000
- 8000
- 6000
- 9000
- 5700
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The Correct Option is C
Solution and Explanation
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