IBPS Government Jobs Exams Numerical Ability Simple & Compound Interest

Two equal sum are invested in two different schemes. One scheme gives simple in-terest 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?

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Ans: 900

Given, 1st sum is given at S.I. and 2nd sum at C.I.
Let S.I. for 1st sum for 1st yr=Rs. x and for 2nd yr=Rs. x
For 2nd sum interest for 1st yr=Rs. x and for 2nd yr=Rs. x + 0.13x
Thus, total interest=Rs. (4x + 0.13x) = 3717
=> 4.13x = 3717
=> x = 900
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