πŸ“’ Too many exams? Don’t know which one suits you best? Book Your Free Expert πŸ‘‰ call Now!

  • google app store apple app store
  • βœ–

      Question

      Rs. 7000 is invested in scheme β€˜A’ for 2 years and

      Rs. 5000 is invested in scheme β€˜B’ for 2 years. Scheme β€˜A’ offers simple interest of 15% p.a. If the interest received from both the schemes are equal, then find the rate of simple interest (p.a.) offered by scheme β€˜B’.
      A 20% Correct Answer Incorrect Answer
      B 25% Correct Answer Incorrect Answer
      C 21% Correct Answer Incorrect Answer
      D 27% Correct Answer Incorrect Answer

      Solution

      Interest received from scheme β€˜A’ = 7000 Γ— 15 Γ— 2 Γ· 100 = Rs. 2100 Let the rate of simple interest offered by scheme β€˜B’ = β€˜k%’ p.a. ATQ; 5000 Γ— 2 Γ— k Γ· 100 = 2100 Or, 100k = 2100 Or, k = (2100/100) = 21 So, rate of simple interest offered by scheme β€˜B’ = 21% per annum.

      Practice Next
      More Simple and compound interest Questions