Divyam has ₹40,000. He invests some amount in Scheme A, which offers 30% per annum simple interest, and the rest of the amount in Scheme B, which offers 20% compound interest. If after three years, the interest received from Scheme A is ₹9,952 more than the interest received from Scheme B, then find the amount invested in Scheme B.

₹24,000
₹16,000
₹12,000
₹18,000

Correct answer: ₹16,000

Solution

Let the amount invested in Scheme B be x, so Scheme A gets 40000 - x. Scheme A earns simple interest at 30% for 3 years, and Scheme B earns compound interest at 20% for 3 years. Solving the difference equation gives x = 16000.

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