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Poonam invests Rs 4,200/in Scheme A which offers 12% pa. simple interest. She also invests Rs 4,200 P) in Scheme B offering 10% pa. compound interest (compounded annually). The difference between the interests Poonam earns from both the Schemes at the end of 2 years is Rs 294/-. what is the value of P ?


A) Rs 15,00/-

B) Rs 800/-

C) Rs 600/-

D) Rs 1,000/-

E) Other than those given as options

Correct Answer:
B) Rs 800/-

Description for Correct answer:
According to question,

\( \Large \frac{4200 x 12x 2}{100} \) - (4200 - P)[\( \large 1 + \frac{10}{100}^{2} \) - 1] = 294

1008 - ( 4200 - P)[\( \Large \frac{121 - 100}{100} \) ] = 294

(4200 - P) x \( \Large \frac{21}{100} \) = 1008 - 294

(4200 - P) x \( \Large \frac{21}{100} \) = 714

4200 - P = 3400

P = Rs 800/-

Part of solved SBI PO-Prelims2 questions and answers : Exams >> Bank Exams >> SBI PO-Prelims2




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