Question

A bank offers two schemes: An amount of Rs.2,37,960 was deposited in scheme 1 at 5% per annum simple interest for 6 years. Another amount of Rs.2,84,780 was deposited in scheme 2 at 6% per annum simple interest for 5 years.

The amount to be deposited in scheme 1 by a particular depositor was accidentally deposited in scheme 2 and vice versa.
How much profit/loss did the depositor incur overall?

• A. loss of 2%
• B. profit of 2%
• C. neither loss nor profit
• D. loss of 4%
• E. profit of 4%

Answer 1

The correct option is C

neither loss nor profit

$R\times T$ is same for both the schemes. So, neither profit nor loss will be incurred by the depositor.