Mathematics · Interest

Avinash invested Rs. P for 3 years in Scheme A, which offered 16% per annum simple interest. He also invested Rs. (500 + P) in Scheme B, which offered 10% per annum compound interest (compounded annually) for 2 years. If the total amount received from Scheme B was less than the total amount received from Scheme A by Rs. 745, what is the value of P?

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1Rs. 6430
2Rs. 5000✓
3Rs. 2760
4Rs. 3550

Correct answer

Rs. 5000

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