1. An interest of Rs. 8384 is received when a certain sum is invested for 4 years in scheme A which offers simple interest at 8% per annum. When the same sum of money is invested for 6 years in scheme B which also offers simple interest at a certain rate, the amount received is Rs. 39562, what is the rate of interest offered by scheme B ?
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By: anil on 05 May 2019 01.40 am
Let principal amount in both schemes = $$Rs. P$$ In scheme A, time = 4 years and rate = 8% under simple interest. => $$S.I. = frac{P imes R imes T}{100}$$ => $$8384 = frac{P imes 8 imes 4}{100}$$ => $$P = frac{8384 imes 100}{32} = Rs. 26,200$$ In scheme B, time = 6 years and amount received under simple interest = Rs. 39,562 Principal amount = Rs. 26,200 Interest = 39562 - 26200 = Rs. 13,362 Let rate of interest = $$r \%$$ => $$S.I. = frac{P imes R imes T}{100}$$ => $$13362 = frac{26200 imes r imes 6}{100}$$ => $$r = frac{13362}{262 imes 6} = frac{51}{6}$$ => $$r = 8.5 \%$$
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