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    Question

    Rs. 9500 is invested in scheme β€˜A’ for 3 years and

    Rs. 8000 is invested in scheme β€˜B’ for 2 years. Scheme β€˜A’ offers simple interest of 16% 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 28.5% Correct Answer Incorrect Answer
    B 18.5% Correct Answer Incorrect Answer
    C 38.5% Correct Answer Incorrect Answer
    D 48.5% Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Interest received from scheme β€˜A’ = 9500 Γ— 16 Γ— 3 Γ· 100 = Rs. 4560 Let the rate of simple interest offered by scheme β€˜B’ = β€˜k%’ p.a. ATQ; 8000 Γ— 2 Γ— k Γ· 100 = 4560 Or, 160k = 4560 Or, k = (4560/160) = 28.5 So, rate of simple interest offered by scheme β€˜B’ = 28.5% per annum.

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