📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    ⚡ Month End Offer - Flat 52% Off On All Courses! Enroll Now ⚡
    00:00:00 AM Left

    Question

    Rs. 5000 is invested in scheme ‘A’ for 2 years and

    Rs. 8000 is invested in scheme ‘B’ for 2 years. Scheme ‘A’ offers simple interest of 16% p.a. If the interest received from both the schemes are equal, then find the rate of simple interest (p.a.) offered by scheme ‘B’.
    A 10% Correct Answer Incorrect Answer
    B 12% Correct Answer Incorrect Answer
    C 9% Correct Answer Incorrect Answer
    D 8% Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Interest received from scheme ‘A’ = 5000 × 16 × 2 ÷ 100 = Rs. 1600 Let the rate of simple interest offered by scheme ‘B’ = ‘k%’ p.a. ATQ; 8000 × 2 × k ÷ 100 = 1600 Or, 160k = 1600 Or, k = (1600/160) = 10 So, rate of simple interest offered by scheme ‘B’ = 10% per annum.

    Practice Next
    More Simple and compound interest Questions

    Relevant for Exams:

    ask-question