New 55% Off on All Courses - Enroll Now! Click Here

    Question

    Praveen earned an interest of Rs. 10,400 by investing a

    certain sum with bank C under scheme III for two years. How much interest he would have earned had he invested the same sum for the same duration with the same bank under scheme II.
    A Rs.9,500 Correct Answer Incorrect Answer
    B Rs.7,500 Correct Answer Incorrect Answer
    C Rs. 8,200 Correct Answer Incorrect Answer
    D Rs.9,000 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Under scheme III: SI = 10400 =`(P xx R xx T)/100 = (P xx 6.5 xx 2)/100` `or P = Rs. 80000` Under scheme II: Net CI % of 2 years = 5 + 5 +`(5xx5)/100` = 10.25% So net CI =`80000 xx 10.25% = Rs. 8200`

    Practice Next

    Relevant for Exams: