Question
Maya invested Rs. 5000 in scheme 'E' for 2 years and Rs. 6000 in scheme 'F' for 5 years. Both schemes offer a simple interest rate of 10% per annum. Find the difference in the interest received from these schemes.
Solution
ATQ, Interest from scheme 'E': 5000×0.1×2=Rs.1000 Interest from scheme 'F': 6000×0.1×5=Rs.3000 Difference in interest: 3000−1000=Rs.2000 Answer: The difference in interest received from both schemes is Rs.2000.
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