📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!
  • google app store apple app store
    • ✖

      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’.
      A 10.5% Correct Answer Incorrect Answer
      B 18.5% Correct Answer Incorrect Answer
      C 16.5% Correct Answer Incorrect Answer
      D 19.5% Correct Answer Incorrect Answer

      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.

      Practice Next
      More ESIC Part B Questions

      Relevant for Exams:

      ask-question