New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    'P' invested a certain sum of

    money for 2 years at an annual compound interest rate of 20% and earned a total interest of Rs. 6600. If the same amount was instead invested for 3.5 years at a simple interest rate of 12% per annum, what would be the simple interest earned by 'P'?
    A Rs.2500 Correct Answer Incorrect Answer
    B Rs.6300 Correct Answer Incorrect Answer
    C Rs.7200 Correct Answer Incorrect Answer
    D Rs.4250 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Let amount = X ATQ, X×[1.2 2 -1]=6600 X×0.44=6600 X=15000 Required simple interest amount = (X×3.5×12)/100 = (15000 × 3.5 ×12)/100 = Rs.6300

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