Jennifer invests a part of Rs. 27,000 in 12% stock at Rs. 120 and the remainder in 15% stock at Rs.

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20 Dec 2016 Stocks

Jennifer invests a part of Rs. 27,000 in 12% stock at Rs. 120 and the remainder in 15% stock at Rs. 135. If her total dividend per annum is Rs. 2828, how much does she invest in 12% stock at Rs. 120?

OPtion

1) Rs. 4000
2) Rs. 7640
3) Rs. 9480
4) Rs. 11520
5) Rs. 12840
6) Rs. 15480
7) Rs. 16960
8) Rs. 18580
9) Rs. 20480
10)Rs. 22560

Solution

Let investment in 12% stock be Rs. x.
Then, investment in 15% stock = Rs. (27000 - x).
Therefore (12/120)*x + (15/135)(27000 - x) = 2828
=> x/10 + 1/9(27000-x) = 2828
=> x/10 + 3000 - x/9 = 2828
=> 9x + 3000*90 - 10x = 2828*90
=> x = 15480

Option 6)

Correct Option: 6 Best Solution (6)