Question
Rs. 6,300 is invested in scheme ‘A’ offering simple
interest of 12% p.a. and Rs. 3500 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’ = (6300 × 3 × 12) ÷ 100 = Rs. 2268 Interest earned from scheme ‘B’ = (3500 × 3 × 8) ÷ 100 = Rs. 840 So, difference in interest earned = 2268 – 840 = Rs. 1428
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