Q:
A certain sum is invested for 2 years in scheme M at 20% p.a. compound interest (compounded annually), Same sum is also invested for the same period in scheme N at k% p.a. simple interest. The interest earned from scheme M is twice of that earned from scheme N. What is the value of k?
Answer & Explanation
Answer: B) 11
Explanation: Interest earned in scheme M =
Interest earned in scheme N =
Now, from the given data,
k = 11
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