Question
Priya deposited Rs. 16,000 in scheme ‘A’ which offers simple interest of 11% p.a., for 5 years and Rs. 9,000 in scheme ‘B’ which offers simple interest of 10% p.a., for 4 years. Find total amount received from both schemes together.
Solution
Total interest received from scheme ‘A’ and ‘B’
= {(16000 × 11 × 5)/100} + {(9000 × 10 × 4)/100}
= (8800 + 3600)
= Rs. 12,400 So, total amount received from scheme ‘A’ and ‘B’
= (16000 + 9000 + 12400)
= Rs. 37,400
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