Question
Nisha placed Rs. 25,000 in plan 'P' and Rs. 40,000 in plan
'Q'. Plan 'P' earns 14% simple interest annually for 2 years, and plan 'Q' earns 9% per annum for 5 years. Calculate how much more interest is earned from plan 'Q' compared to plan 'P'.Solution
ATQ,
We know that, simple interest = {(principal X rate X time) / 100}
So, simple interest received from 'P' = (25,000 X 0.14 X 2) = Rs. 7,000
So, simple interest received from 'Q' = (40,000 X 0.09 X 5) = Rs. 18,000
So, required difference = 18,000 - 7,000 = Rs. 11,000
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