Question

Shivam invested Rs. 15000 in two schemes offering R% p.a simple interest for 2 years and difference of interest received from both the scheme after 2 years is Rs. 300. Had he invested Rs. 4000 at R% p.a for four years, the interest received by him after 4 years is Rs. 2400. Find difference of principal invested by shivam in both the schemes?
1. 1100
2. 890
3. 900
4. 1000

Answer 1

Correct Answer - Option 4 : 1000

Given:

 Shivam invested Rs. 15000 in two schemes offering R% p.a simple interest for 2 years and difference of interest received from both the scheme after 2 years is Rs. 300. Had he invested Rs. 4000 at R% p.a for four years, the interest received by him after 4 years is Rs. 2400.

Formula:

Amount under simple interest = P × r × t/100

Amount under compound interest = P (1 + r/100) ^t

Calculation:

 interest for 1 year = 2400/4 = 600

When P = 4000 then r = 600/4000 × 100 = 15%

Let the investment in one scheme be Rs.x and in the other scheme be Rs.(15000 - x) respectively

Now, as per question,

x × 15 × 2/100 - (15000 - x) × 15 × 2/100 = 300

⇒ 3x – 45000 + 3x = 3000

⇒ 6x = 48000

⇒ x = 8000

Another scheme = 7000

∴ Difference between both the scheme = Rs.1000