New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    Rs. 5,000 is invested for 3 years in scheme ‘X’

    offering simple interest at 8% per annum. The interest earned is equal to the interest obtained when a certain sum is invested for 4 years in scheme ‘Y’ offering 6% simple interest per annum. What is the sum invested in scheme ‘Y’?
    A 4,550 Correct Answer Incorrect Answer
    B 5,375 Correct Answer Incorrect Answer
    C 5,000 Correct Answer Incorrect Answer
    D 6,205 Correct Answer Incorrect Answer

    Solution

    ATQ,

    Interest received from scheme ‘X’ = Rs. 5000 × 3 × 8 ÷ 100 = Rs. 1200

    Let the amount invested in scheme ‘Y’ = Rs. ‘A’

    Then, interest received from scheme ‘Y’ = A × 4 × 6 ÷ 100 = Rs.
    (24A/100)

    So, 1200 = (24A/100)

    Or, A = (1200 × 100) ÷ 24 = 5000

    So, amount invested in scheme ‘Y’ = Rs. 5,000

    Practice Next