Question
Rs. 7000 is invested in scheme βAβ for 2 years and
Rs. 5000 is invested in scheme βBβ for 2 years. Scheme βAβ 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 βBβ.Solution
Interest received from scheme βAβ = 7000 Γ 15 Γ 2 Γ· 100 = Rs. 2100 Let the rate of simple interest offered by scheme βBβ = βk%β 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 βBβ = 21% per annum.
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