Question
Ravi invested Rs. 48,000 in scheme 'A' which offers
simple interest at 'r%' p.a. for 4 years. After 4 years, he received an amount of Rs. 84,000. Find the interest earned by him if he invested Rs. 60,000 in the same scheme for 4 years.Solution
Interest earned by Ravi = 84,000 - 48,000 = Rs. 36,000 So, (48,000 x r x 4) /100 = 36,000 So, 'r' = 18.75% So, interest earned on Rs. 60,000 = 60,000 x 0.1875 x 4 = Rs. 45,000
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