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Question

Praveen earned an interest of Rs. 10,400 by investing a certain sum with bank C under scheme III for two years. How much interest he would have earned had he invested the same sum for the same duration with the same bank under scheme II.

A Rs.9,500 Correct Answer Incorrect Answer
B Rs.7,500 Correct Answer Incorrect Answer
C Rs. 8,200 Correct Answer Incorrect Answer
D Rs.9,000 Correct Answer Incorrect Answer
E None of these Correct Answer Incorrect Answer

Solution

Under scheme III: SI = 10400 =`(P xx R xx T)/100 = (P xx 6.5 xx 2)/100` `or P = Rs. 80000` Under scheme II: Net CI % of 2 years = 5 + 5 +`(5xx5)/100` = 10.25% So net CI =`80000 xx 10.25% = Rs. 8200`

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