Question
Rs. 9000 is invested in scheme ‘A’ for 2 years and
Rs. 7500 is invested in scheme ‘B’ for 2 years. Scheme ‘A’ offers simple interest of 10% 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’ = 9000 × 10 × 2 ÷ 100 = Rs. 1800 Let the rate of simple interest offered by scheme ‘B’ = ‘k%’ p.a. ATQ; 7500 × 2 × k ÷ 100 = 1800 Or, 150k = 1800 Or, k = (1800/150) = 12 So, rate of simple interest offered by scheme ‘B’ = 12% per annum.
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