📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    Question

    Neha invested Rs. 50,000 in two different schemes,

    ‘C’ and ‘D’, for 3 years and 4 years, respectively. Scheme ‘C’ offers a simple interest rate of 15% per annum, while scheme ‘D’ provides compound interest (compounded annually) at a rate of 25% per annum. Determine the sum invested in scheme ‘D’ if the interest from scheme ‘C’ is Rs. 2,250 more than that from scheme ‘D’.
    A Rs.18,000 Correct Answer Incorrect Answer
    B Rs.15,000 Correct Answer Incorrect Answer
    C Rs.25,000 Correct Answer Incorrect Answer
    D Rs.20,000 Correct Answer Incorrect Answer
    E none of these Correct Answer Incorrect Answer

    Solution

    ATQ, Let the sum invested in scheme ‘D’ be Rs. ‘y’. Sum invested in scheme ‘C’ = Rs. (50000 - y). Simple interest from scheme ‘C’ = (50000 - y) × 15% × 3. Compound interest from scheme ‘D’ = y × [{1 + (25/100)}4 - 1]. Setting the interest difference and solving for ‘y’ gives y = Rs.20,000

    Practice Next
    More Simple and compound interest Questions

    Relevant for Exams:

    ask-question