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A man invested Rs. P in scheme A on compound interest at rate of 10% p.a. for two years and he invested Rs. (P+500) in scheme B on simple interest at
Question


A man invested Rs. P in scheme A on compound interest at rate of 10% p.a. for two years and he invested Rs. (P+500) in scheme B on simple interest at rate of 12% p.a. for same period of time. If the interest received by man from scheme A is Rs. 150 less than that of from scheme B, then find amount invested in scheme B.

A.

1250 Rs.

B.

1000 Rs.

C.

1500 Rs.

D.

2000 Rs.

E.

2500 Rs.

Correct option is C


Equivalent rate of interest at rate of 10% p.a. for two years

Required amount = 1000 + 500 = 1500 Rs.

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