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?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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