an amount of rs.16100 is earned when a certain sum is invested for 3 years in scheme-A offering simple interest @ 5 p.a. How much more interest will be earned if the same sum were invested for 2 years in scheme-B offering simple interest @ 8 p.a. ?
Answers
Rs. 140 more interest is earned.
Step-by-step explanation:
Scheme A :
Let the sum be Rs. P
Time (t) = 3 years
Rate of interest = 5% p.a.
Given that,
amount = Rs. 16100
or, P {1 + (5 × 3)/100}= 16100
or, P (1 + 15/100) = 16100
or, P (1 + 3/20) = 16100
or, P × 23/20 = 16100
or, P = 16100 × 20/23
or, P = 14000
So interest = Rs. (16100 - 14000)
= Rs. 2100
Scheme B :
We have,
the sum is Rs. 14000
Time = 2 years
Rate of interest = 8% p.a.
Interest = Rs. (14000 × 2 × 8 / 100)
= Rs. 2240
Therefore interest earned
= Rs. (2240 - 2100)
= Rs. 140 more.
Another problem here:
Barsha borrowed ₹8500 from a bank at a particular rate of simple interest. After 3 years, he paid ₹11050 to settle his debt. Find the rate of interest. - https://brainly.in/question/14902352
More interest of Rs. 140 by investing in Scheme B.
Step-by-step explanation:
Scheme A
Rate = 5%
N = 3 years
Amount = 16100
SI = PNR / 100
Amount = P + SI
16100 = P + [(P * 3 * 5) / 100]
100 * 16100 = 100P + 15P
16,10,000 = 115P
Therefore Principal = 1610000 /115 = Rs. 14,000
Scheme B
R = 8%
N = 2 years
SI = 14,000 * 2 * 8 / 100 = 2240
Amount = 14000 + 2240 = Rs. 16,240
Difference between Scheme A & B = More interest of Rs. 140 by investing in Scheme B.