Mr Mehra plans for the higher education expenses of his two sons aged 15 and 12. He plans to divide Rs 15 lakh into two equal parts and invest them in two different plans such that his sons may have access to Rs 21 lakh each when they reach the age of 21. He looks for plans that will give him a simple interest per annum. The rates of interest of the plans for his younger son and his elder son should be:

Question

Examsnet · Accepted Answer

Correct Answer is :  20% and 30%

Compound Interest Practice Test 4