Question
Rs. 5,500 is invested in scheme ‘A’ offering simple
interest of 15% p.a. and Rs. 8,000 in scheme ‘B’ offering simple interest of 5% p.a. What is the difference in interests earned from the two schemes after 3 years?Solution
Interest earned from scheme ‘A’ = (5500 × 3 × 15) ÷ 100 = Rs. 2475 Interest earned from scheme ‘B’ = (8000 × 3 × 5) ÷ 100 = Rs. 1200 So, difference in interest earned = 2475 – 1200 = Rs. 1275
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