Ritika invests a part of Rs. 24,000 in 10% stock at Rs. 110 and the remainder in 15% stock at Rs. 12

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20 Feb 2018 Stocks

Ritika invests a part of Rs. 24,000 in 10% stock at Rs. 110 and the remainder in 15% stock at Rs. 120. If her total dividend per annum is Rs. 2700, how much does she invest in 10% stock at Rs. 110?

OPtion

1) Rs. 8000
2) Rs. 8800
3) Rs. 15000
4) Rs. 15200
5) Rs. 9000
6) Rs. 9200
7) Rs. 14000
8) Rs. 14200
9) Rs. 8600
10)Rs. None of these

Solution

Let investment in 10% stock be Rs. x.
Then, investment in 15% stock = Rs. (24000 - x).
Therefore (10/110)*x + (15/120)(24000 - x) = 2700
=> x/11 + 1/8(24000-x) = 2700
=> -3x/88 + 3000 = 2700
solving
=> x = 8800

Option 2)

Correct Option: 2 Best Solution (0)