An equal sum is invested for seven years in Scheme A offering simple interest at x% p.a. and in scheme B for two years offering compound interest at 10% p.a. (compounded annually). The interest earned from scheme A is thrice of the interest earned from scheme B. Had the rate of interest been x-4% simple interest per annum in scheme A, the difference in the interest earned from both the schemes would have been Rs.700/ . What Was the sum invested in each of the schemes ?
Correct Answer: Description for Correct answer:
Let the sum invested in each schemes = P
According to question,
\( \frac{P \times 7 \times x}{100}=3P\left[ \left(1+\frac{10}{100}\right)^{2}-1 \right]=700 \)
\( \frac{7P}{20}-\frac{21P}{100}=700 \)
\( \frac{35P-21P}{100}=700 \)
\( 14P=700 \times 100 \)
P = Rs.5,000/-
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