Question

A bank offers two schemes : An amount of Rs. 1000 was deposited in scheme 1 at 5% p.a. simple interest for 6 years. Another amount of Rs. 1200 was deposited in scheme 2 at 6% p.a. in scheme simple interest for 5 years

If by mistake, the amount deposited in scheme 1 was deposited in scheme 2 and vice versa. How much profit/loss did the depositor suffer?

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

Answer 1

The correct option is C

neither loss nor profit

$R\times T$ is same for both schemes. So neither profit nor loss.