Question
Rs. 7500 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 16% 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’ = (7500 × 16 × 3) ÷ 100 = Rs. 3600 Let the rate of simple interest offered by scheme ‘B’ = ‘k%’ p.a. ATQ; (6000 × 2 × k) ÷ 100 = 3600 Or, 120k = 3600 Or, k = (3600/120) = 30 So, rate of simple interest offered by scheme ‘B’ = 30% per annum.
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