A and B opened a recurring deposit account in a bank which is paying simple interest at 9% per annum. A deposited ₹ 1,500 for one year and B deposited ₹ 1,200 for 15 months. The amount invested by :
A is ₹ 27 more than B
A is ₹ 300 more than B
A is ₹ 300 less than B
Both A and B are same (₹ 18,000)
Banking
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Question

A and B opened a recurring deposit account in a bank which is paying simple interest at 9% per annum. A deposited ₹ 1,500 for one year and B deposited ₹ 1,200 for 15 months. The amount invested by :
A is ₹ 27 more than B
A is ₹ 300 more than B
A is ₹ 300 less than B
Both A and B are same (₹ 18,000)

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KnowledgeBoat · Accepted Answer

Given,

For A,

P = ₹ 1,500

n = 12 months

r = 9%

We know that,

Amount Invested = P × n

= ₹ 1,500 × 12

= ₹ 18,000.

For B,

Amount Invested = P × n

= ₹ 1,200 × 15

= ₹ 18,000.

Both invested ₹ 18,000.

Hence, option 4 is the correct option.