Simple Interest Ques 4
Question-
Ravi invested Rs. $P$ in a scheme A offering simple interest at $10 \%$ p.a. for two years. He invested the whole amount he received from scheme A, in another scheme B offering simple interest at $12 \%$ p.a. for five years. If the difference between the interests earned from schemes A and B was Rs. 1300 , what is the value of $P$ ?
(1) 2500
(2) 2000
(3) 3000
(4) 2900
(5) 3200
(IBPS Bank PO/MT (Pre.) Exam, 23.10.2016)
Show Answer
Correct Answer: (1)
Solution: (1)
S.I. received from scheme A $=\frac{\text { Principal } \times \text { Time } \times \text { Rate }}{100}$
$=\frac{P \times 2 \times 10}{100}=$ Rs. $\frac{P}{5}$
$\therefore$ Amount $=$ Rs. $\left(P+\frac{P}{5}\right)$ $=$ Rs. $\frac{6 P}{5}$
Case II,
S.I. received from scheme B $=\frac{6 P \times 5 \times 12}{5 \times 100}=$ Rs. $\frac{18 P}{25}$
According to the question,
$\frac{18 P}{25}-\frac{P}{5}=1300$
$\Rightarrow \frac{18 P-5 P}{25}=1300$
$\Rightarrow 13 P=1300 \times 25$
$\Rightarrow P=\frac{1300 \times 25}{13}=$ Rs. 2500
BETA
