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Dharam invested Rs. 10000 in two schemes for two years and both schemes offer R% simple interest, if difference between simple interest earned on both scheme is Rs. 480 and ratio of interest earned from both the scheme is 3:2. What is the value of R?
1. 12
2. 14
3. 15
4. 11

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Correct Answer - Option 1 : 12

Given:

Dharam invested Rs. 10000 in two schemes for two years and both schemes offer R% simple interest, if difference between simple interest earned on both scheme is Rs. 480 and ratio of interest earned from both the scheme is 3:2.

Formula:

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

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

where P is principle, r is rate of interest and t is time.

Calculation:

 P × r × 2/100/ 10000 – P × r × 2/100 = 3/2

⇒ 2P = 30000 - 3P

⇒ P = 30000/5

 Now,

6000 × 2r/100 – 4000 × 2r/100=480

⇒ 120r - 80r = 480

⇒ r = 480/40 = 12%

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