📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    ⚡ Month End Offer - Flat 52% Off On All Courses! Enroll Now ⚡
    00:00:00 AM Left

    Question

    Rs. 8500 is invested in scheme ‘A’ for 2 years and

    Rs. 6500 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 17% Correct Answer Incorrect Answer
    B 12% Correct Answer Incorrect Answer
    C 13% Correct Answer Incorrect Answer
    D 18% Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Interest received from scheme ‘A’ = 8500 × 13 × 2 ÷ 100 = Rs. 2210 Let the rate of simple interest offered by scheme ‘B’ = ‘k%’ p.a. ATQ; 6500 × 2 × k ÷ 100 = 2210 Or, 130k = 2210 Or, k = (2210/130) = 17 So, rate of simple interest offered by scheme ‘B’ = 17% per annum.

    Practice Next
    More Simple and compound interest Questions

    Relevant for Exams:

    ask-question