Question
Rs. 8500 is invested in scheme ‘A’ for 2 years and
Rs. 6500 is invested in scheme ‘B’ for 2 years. Scheme ‘A’ offers simple interest of 13% 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’ = 8500 × 13 × 2 ÷ 100 = Rs. 2210 Let the rate of simple interest offered by scheme ‘B’ = ‘k%’ p.a. ATQ; 6500 × 2 × k ÷ 100 = 2210 Or, 130k = 2210 Or, k = (2210/130) = 17 So, rate of simple interest offered by scheme ‘B’ = 17% per annum.
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