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%