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

    Question

    Two cousins, P and Q, made investments in two separate

    SIPs with different simple interest rates of 12% per annum and 15% per annum, respectively. After 4 years, P received an interest of Rs. 3,096. If Q earned the same interest amount in just 3 years, how much more money did Q invest compared to P?
    A Rs.520 Correct Answer Incorrect Answer
    B Rs.430 Correct Answer Incorrect Answer
    C Rs.345 Correct Answer Incorrect Answer
    D Rs.225 Correct Answer Incorrect Answer

    Solution

    ATQ, Let the amount invested by P = Rs. ‘K’ Simple interest received by P = K × 12 × 4 ÷ 100 = Rs. ‘0.48K’ Or, 0.48K = 3096 So, K = 6450 Let the amount invested by Q = Rs. ‘J’ Then, simple interest received by Q = J × 15 × 3 ÷ 100 = Rs. ‘0.45J’ Or, 0.45J= 3096 Or, J = 3096 ÷ 0.45 = 6880 So, required difference = 6880 – 6450 = Rs. 430

    Practice Next
    More Simple and compound interest Questions
    ask-question