If the amount obtained by A by investing Rs. 7300 for five years at a rate of 11% p.a. on simple interest is equal to the amount obtained by B by investing a certain sum of money for 16 years at a rate of 5.5% p.a. on simple interest. Then the sum invested by B (in Rs.) is?
Answer & explanation
Correct answer: option 3
Amount after investing 7300 for five years at 11%
= 7300 × \(\frac{155}{100}\) = 11315
This amount is equal to investment of B for 16 years at 5.5%
11315 = B × \(\frac{188}{100}\)
⇒ B = 6018.61