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

    Question

    Priyanka wants to invest Rs. 30,000 for 3 years, which

    of the following options would fetch her the highest amount as interest? I) Company A under scheme II? II) Company D under scheme III? III) Company D under scheme I?
    A Option I Correct Answer Incorrect Answer
    B option II Correct Answer Incorrect Answer
    C option III Correct Answer Incorrect Answer
    D Data Inadequate Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    I) For Company A under scheme II, CI =`P(1+(R/100))^T - P ` `= 30000(1+(6/100)^3- 30000 ` `= Rs. 5730.48` II) For Company D under scheme III,

    SI = PRT/100 =`(30000 xx 3 xx 7)/100 = Rs. 6300`
    III) For company D under scheme I,
    CI =`P(1+(R/100))^T - P ` `= 30000(1+(8/100))^3- 30000 ` `= Rs. 7791.36`
    Hence highest interest is from option III.

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