📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    Question

    Rs. 8000 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 6% 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’.
    A 18% Correct Answer Incorrect Answer
    B 15% Correct Answer Incorrect Answer
    C 16% Correct Answer Incorrect Answer
    D 17% Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Interest received from scheme ‘A’ = 8000 × 6 × 3 ÷ 100 = Rs. 1440 Let the rate of simple interest offered by scheme ‘B’ = ‘k%’ p.a. ATQ; 4000 × 2 × k ÷ 100 = 1440 Or, 80k = 1440 Or, k = (1440/80) = 18 So, rate of simple interest offered by scheme ‘B’ = 18% per annum.

    Practice Next
    More Simple and compound interest Questions

    Relevant for Exams:

    ask-question