Question
Rs. 6,600 is invested in scheme ‘A’ offering simple
interest of 13% p.a. and Rs. 2500 in scheme ‘B’ offering simple interest of 4% p.a. What is the difference in interests earned from the two schemes after 3 years?Solution
Interest earned from scheme ‘A’ = (6600 × 3 × 13) ÷ 100 = Rs. 2574 Interest earned from scheme ‘B’ = (2500 × 3 × 4) ÷ 100 = Rs. 300 So, difference in interest earned = 2574 – 300 = Rs. 2274
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