Question
Nikhil invested a total of ₹7000 in two different schemes
offering simple interest. Scheme A offers an interest rate of 10% per annum, while Scheme B offers 14% per annum. He invested in Scheme A for 3 years and in Scheme B for 2 years. The total interest earned from both schemes together amounts to ₹2040. Find the difference between the amounts invested in Scheme A and Scheme B.Solution
Total money invested in two schemes = Rs.7000
Let, money invested in scheme A =Rs. X
Money invested in Scheme B = Rs. (7000-X)
According to the condition
(X*10*3) / 100 + [(7000-X) *14*2]/100 = 2040
30X + (7000-X) *28 = 204000
2X + 196000 = 204000
2X = 8000
X = Rs.4000
money invested in scheme A =Rs.4000
Money invested in Scheme B = Rs. (7000-X) = Rs. (7000-4000) = Rs.3000
Difference between the amount he invested in scheme A and Scheme B = 4000-3000 = Rs.1000
What is the primary function of the National Payments Corporation of India (NPCI)?
A budget that is continuously updated by adding a new accounting period when one is completed is called a:
Which report is issued after completion of statutory audit of a PSU?
The recommendation of which committee led to the adoption of the Lead Bank Scheme, which later became the foundation for the Priority Sector Lending (PS...
In this reinsurance arrangement, an agreement is made between the ceding company and the reinsurer(s), specifying limits for reinsurances that can perta...
ICDS III deals with which of the following:
Which of the following section deals with deduction in respect of Interest on deposits in savings/FD account in case of resident senior citizens?
If tax rate changes, which of these statements is true for deferred tax?
Calculate net working capital?
Under Priority Sector Lending (PSL) guidelines, which category of banks is permitted a specific exemption to allocate up to 32% of their PSL target towa...