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The amount of interest received by Aman after two years in investment scheme B was 50% more than that received from investment scheme A. Scheme A offered an interest rate of 10% compounded annually while scheme B offered 15% p.a. simple interest. What percentage more amount was invested by Aman in scheme B in comparison to in scheme A?

The amount of interest received by Aman after two years in investment scheme B was 50% more than that received from investment scheme A. Scheme A offered an interest rate of 10% compounded annually while scheme B offered 15% p.a. simple interest. What percentage more amount was invested by Aman in scheme B in comparison to in scheme A? Correct Answer 5%

Calculation:

Let Aman invested Rs. 1000 in scheme A. 

⇒ Interest earned in scheme A = 1000(1.1)2 - 1000 = Rs. 210

⇒ If the interest received by Aman after two years in investment scheme B is 50% more than that received from investment scheme A, then 

⇒ Interest earned in scheme B = 210 x 1.5 = Rs. 315 

⇒ Amount invested in scheme B = 315/0.3 = Rs. 1050 

Thus, the amount invested in scheme B was (50/1000) x 100 = 5% more than the amount invested in scheme A.

Additional Information

Compound Interest = P

Where P = Principle, t = Time, r = Rate

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