Question
Anjali invests Rs. 28,000 in scheme 'C' and Rs. 22,000 in
scheme 'D'. Scheme 'C' gives 14% interest per annum for 2 years and scheme 'D' gives 11% per annum for 3 years. What is the difference in interest earned from both schemes?Solution
ATQ,
We know that, simple interest = {(principal × rate × time) / 100}
Simple interest from Scheme 'C' = (28000 × 14 × 2) / 100 = Rs. 7,840
Simple interest from Scheme 'D' = (22000 × 11 × 3) / 100 = Rs. 7,260
So, required difference = 7840 - 7260 = Rs. 580
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