Simple Interest

Quantitative Aptitude (MTS)

Title

45:30

8 of 24 completed

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38 of 100 completed

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Indian Economy - Understanding the basics of Indian economic system

Kil1i invested a sum of money at a ce11ain ra te of simple interest per annum for 3 years in "Bacha! scheme". Had she invested

the same sum in "Shiksha scheme" for 3 years which bas a 2% higher simple interest rate per annum, the investment would

have fetched Rs540 more. How much did Ki11i invest?

This questions was previously asked in

SSC MTS 5th July 2022 Shift-3

Rs9,500

Rs9,000

Rs7,000

Rs8,000

- Kil1i invested a sum of money in a scheme with interest calculated as simple interest over 3 years.

- The second scheme, "Shiksha," offers a simple interest rate that is 2% higher than the "Bacha" scheme.

- After 3 years, the additional interest earned from the "Shiksha" scheme is Rs. 540 more than the "Bacha" scheme.

- To find the invested amount, denote this amount by P.

- The difference in interest due to the 2% higher rate for 3 years is: \[ P \times \frac{2}{100} \times 3 = 540 \]

- Solving for P gives: \[ P = \frac{540}{0.06} = 9,000 \]

Therefore, the amount Kil1i invested is Rs 9,000.

Option 2: Rs 9,000