Question
Rs. 6000 is invested in scheme ‘A’ for 3 years and
Rs. 6000 is invested in scheme ‘B’ for 2 years. Scheme ‘A’ offers simple interest of 13% p.a. If the interest received from both the schemes are equal, then find the rate of simple interest (p.a.) offered by scheme ‘B’.Solution
Interest received from scheme ‘A’ = 6000 × 13 × 3 ÷ 100 = Rs. 2340 Let the rate of simple interest offered by scheme ‘B’ = ‘k%’ p.a. ATQ; 6000 × 2 × k ÷ 100 = 2340 Or, 120k = 2340 Or, k = (2340/120) = 19.5 So, rate of simple interest offered by scheme ‘B’ = 19.5% per annum.
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