New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Ravi invested ₹P in a compound interest scheme at an

    annual interest rate of r% for 1 year. Meanwhile, Kriti invested ₹2P in a simple interest scheme at an annual interest rate of 2r% for 2 years. The ratio of the total amount received by Ravi (principal + interest) to the simple interest earned by Kriti is 3:4. Find the value of r.
    A 10% Correct Answer Incorrect Answer
    B 30% Correct Answer Incorrect Answer
    C 15% Correct Answer Incorrect Answer
    D 20% Correct Answer Incorrect Answer
    E 40% Correct Answer Incorrect Answer

    Solution

    Since the compound interest is for one year,
    Amount of Ravi = P + r% of P = P(100 + r)/100
    SP of Kriti = 2P * 2r * 2/100
    [P(100 + r)/100]/[2P * 2r * 2/100] = 3/4
    (100 + r)/8r = 3/4
    400 + 4r = 24r
    400 = 20r
    r = 20%

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