Question
Rs. 6500 is invested in scheme βAβ for 2 years and
Rs. 6500 is invested in scheme βBβ for 2 years. Scheme βAβ offers simple interest of 14% p.a. If the interest received from both the schemes are equal, then find the rate of simple interest (p.a.) offered by scheme βBβ.Solution
Interest received from scheme βAβ = 6500 Γ 14 Γ 2 Γ· 100 = Rs. 1820 Let the rate of simple interest offered by scheme βBβ = βk%β p.a. ATQ; 6500 Γ 2 Γ k Γ· 100 = 1820 Or, 130k = 1820 Or, k = (1820/130) = 14 So, rate of simple interest offered by scheme βBβ = 14% per annum.
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