New Enroll here to Join NaBFID Analyst Into Class on May 6

    Question

    A man invests a sum of money in two schemes: Scheme A

    offers 12% simple interest per annum, and Scheme B offers 15% compound interest per annum. He invests ₹50,000 in Scheme A for 3 years and ₹40,000 in Scheme B for 2 years. What is the total amount he receives after 3 years from both schemes?
    A ₹97,000 Correct Answer Incorrect Answer
    B ₹99,000 Correct Answer Incorrect Answer
    C ₹1,20,900 Correct Answer Incorrect Answer
    D ₹1,06,500 Correct Answer Incorrect Answer

    Solution

    For Scheme A (Simple Interest): Interest = P × R × T / 100 = 50,000 × 12 × 3 / 100 = ₹18,000. Amount from Scheme A = ₹50,000 + ₹18,000 = ₹68,000. For Scheme B (Compound Interest): Amount = P × (1 + R/100)^T = 40,000 × (1 + 15/100)^2 = 40,000 × (1.15)^2 = 40,000 × 1.3225 = ₹52,900. Total amount = ₹68,000 + ₹52,900 = ₹1,20,900. Correct option: c

    Practice Next