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    Question

    Vinay invested Rs. 9,500 in scheme 'A' at a simple

    interest rate of 12% per annum and Rs. 8,000 in scheme 'B' at a simple interest rate of 20% per annum. Calculate the difference between the interests earned from both schemes after four years.
    A Rs. 1840 Correct Answer Incorrect Answer
    B Rs. 2420 Correct Answer Incorrect Answer
    C Rs. 2160 Correct Answer Incorrect Answer
    D Rs. 1580 Correct Answer Incorrect Answer

    Solution

    Simple interest = Principal X (rate/100) X timeInterest earned from 1 st  scheme = (9,500 X (12/100) X 4) = Rs. 4,560Interest earned from 2 nd  scheme = (8000 X (20/100) X 4) = Rs. 6,400So, required difference = 6,400 - 4,560 = Rs. 1,840

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