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Two equal sum are invested in two different schemes. One scheme gives simple interest and the other gives compound interest (annual compounding). The sum of interest obtained after 2 years from both the schemes is Rs. 3717. If both scheme have 13% per annum interest rate, then what is the first year interest (in Rs) for simple interest scheme?

Two equal sum are invested in two different schemes. One scheme gives simple interest and the other gives compound interest (annual compounding). The sum of interest obtained after 2 years from both the schemes is Rs. 3717. If both scheme have 13% per annum interest rate, then what is the first year interest (in Rs) for simple interest scheme? Correct Answer 900

If rate of interest = 13%

Net percentage of SI in 2 years = 13 + 13 = 26%

And net percentage of CI in 2 years = 13 + 13 + (13 × 13)/100 = 27.69

According to question

Rate of interest for 2 years (CI + SI) = 26 + 27.69 = 53.69

⇒ 53.69 unit = 3717

So, 13 unit = 3717/53.69 × 13 = Rs. 900

∴ The first year interest for simple interest scheme = Rs. 900

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