An equal sum is invested in two different schemes. One scheme gives simple interest and the other gives compound interest (annual compounding). The sum of interest obtained after 2 years from both the schemes is Rs. 2961. If both schemes have 23% per annum interest rate, then what is the first year interest (in Rs.) of simple interest scheme?

An equal sum is invested in two different schemes. One scheme gives si

1.	An equal sum is invested in two different schemes. One scheme gives simple interest and the other gives compound interest (annual compounding). The sum of interest obtained after 2 years from both the schemes is Rs. 2961. If both schemes have 23% per annum interest rate, then what is the first year interest (in Rs.) of simple interest scheme?
A.	500
B.	1100
C.	700
D.	900
Answer» D. 900

Discussion

No Comment Found

Related MCQs

If the sum of amount becomes 7 times in 20 years then find the rate of simple interest.
If the difference between the compound interest and simple interest on a certain sum of money for three years at 10% p.a. is Rs. 558, then the sum is:
A sum of ₹14000 is lent at compound interest (interest is compounded annually) for 3 years. If the rate of interest is 10%, then what will be the compound interest?
Find the difference between the compound interest and the simple interest on an amount of Rs.15000 at 8% per annum for 2 years.
Rahi deposited Rs. 700 in a bank that promised 6% simple interest per annum. If Rahi kept the money with the bank for 5 years, she will earn an interest of:
A certain sum amounts to Rs. 29282 in 4 years at 10% per annum, when the interest is compounded annually. What is the simple interest on the same sum for same time at the same rate?
A sum of Rs. 10000 amounts to Rs. 11664 in 2 years, at a certain rate percent per annum, when the interest is compounded annually. What will be the simple interest on the same sum for 27/5 years at the same rate?
If Rs.64 amounts to Rs. 83.20 in 2 years, what will Rs. 86 amount to in 4 years at the same rate per cent Simple Interest per annum?
Calculate the simple interest if Rs. 1800 is invested for 10 years at a rate of 5% per annum.A. Rs. 900B. Rs. 450C. Rs. 1800D. Rs. 2700
A sum of Rs. 50,000 is invested in a bank deposit for 1 year at an interest rate of 10% per annum, compounded on a half - yearly basis. What is the amount of interest at the end of 1 year?

Discussion

No Comment Found

Related MCQs

Reply to Comment