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A invested a sum at the rate 4% per annum for 3 years. B invested the same amount at the rate 2% per annum for 7 years. What is the ratio of the simple interest earned by A to that earned by B?
1. 6 : 7
2. 7 : 9
3. 3 : 7
4. 1 : 6

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Correct Answer - Option 1 : 6 : 7

Given

Rate = 4% per annum

Time = 3 years

Rate of interest for B = 2% per annum and time for B = 7 years

Formula used

Simple interest = (p × r × t)/100

Where p, r and t are principal, rate and time respectively,

Calculation

Let the amount invested by A and B is 100x

Simple interest earned by A = (100x × 4 × 3)/100

⇒ 12x

Simple interest earned by B = (100x × 2 × 7)/100

⇒ 14x

Required ratio = 12x : 14x

⇒ 6 : 7

∴ The ratio of simple interest earned by A and B is 6 : 7

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