Scheme A offer simple interest at rate of 5% p.a. for 8 years and amount invested in scheme A is Rs. 2000. Scheme B offers simple interest at rate of 10% p.a. for five years and amount invested in scheme B is Rs. P. If the ratio of interest received from scheme A to B is 16: 15, then find P?

Correct option is A

Information Given:

Scheme A: Simple interest, 5% p.a., 8 years, amount = Rs. 2000

Scheme B: Simple interest, 10% p.a., 5 years, amount = Rs. P

Ratio of interest A:B = 16:15

Concept/Formula Used:

Simple interest = P × R × T / 100

Explanation:

Interest from scheme A = 2000 × 5 × 8/100 = Rs. 800

Interest from scheme B = P × 10 × 5/100 = (P × 50) / 100 = (P / 2)

Given, 800 / (P / 2) = 16 / 15

So, 800 / (P / 2) = 16 / 15

Cross-multiplied: 800 × 15 = 16 × (P / 2)

12000 = 8P

P = 12000 / 8 = 1500