Question

Vaniya invested Rs. 2300 and Rs. 2900, one at the rate of 10% simple interest per annum and another at x% simple interest per annum respectively. If she interchanges the rate of interest she got Rs. 60 less at the end of two years, then find the value of another simple interest?
1. 20%
2. 19%
3. 18%
4. 17%
5. 15%

Answer 1

Correct Answer - Option 5 : 15%

Formula used:

S.I. = PRN/ 100

Where, P = Principal amount,

R = Rate of interest

N = Number of years

Amount = P + SI

Calculation:

((2900 × 2x / 100) + (2300 × 20 / 100)) – ((2900 × 20 / 100) + (2300 × 2x / 100)) = 60

⇒ (58x + 460) – (580 + 46x) = 60

⇒ 12x = 180

⇒ x = 15%

∴ x is 15%

Scheme I	Scheme II	SUM of Interest
Invested Amount (in Rs.)	2300	2900
Interest Rate	10%	15%
Two year Interest Amount (in Rs.)	460	870	1330
Reversed Interest Rate	15%	10%
Two year Interest Amount (in Rs.)	690	580	1270
Difference	60