Question
Rs. 9,000 is invested in scheme ‘A’ offering simple
interest of 20% p.a. and Rs. 6,500 in scheme ‘B’ offering simple interest of 8% p.a. What is the difference in interests earned from the two schemes after 3 years?Solution
Interest earned from scheme ‘A’ = (9000 × 3 × 20) ÷ 100 = Rs. 5400 Interest earned from scheme ‘B’ = (6500 × 3 × 8) ÷ 100 = Rs. 1560 So, difference in interest earned = 5400 – 1560 = Rs. 3840
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