Question
Rs. 5500 is invested in scheme ‘A’ for 3 years and
Rs. 4000 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’.Solution
Interest received from scheme ‘A’ = 5500 × 16 × 3 ÷ 100 = Rs. 2640 Let the rate of simple interest offered by scheme ‘B’ = ‘k%’ p.a. ATQ; 4000 × 2 × k ÷ 100 = 2640 Or, 80k = 2640 Or, k = (2640/80) = 33 So, rate of simple interest offered by scheme ‘B’ = 33% per annum.
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