Mr. Xinvests Tk. 2,400 in Al-Amin Bank at 5%. How much additional money must Mr. X invest at 8% so that the total annual income will be equal to 6% of his/her entire investment?

Mr. Xinvests Tk. 2,400 in Al-Amin Bank at 5%. How much additional money must Mr. X invest at 8% so that the total annual income will be equal to 6% of his/her entire investment?

A Tk. 1,000

B Tk. 1,200

C Tk. 2,400

D Tk. 3,000

Solution

Correct Answer: Option B