Mr. Dutta desired to deposit his retirement benefit of Rs. 3 lacs partly to a post office and partly to a bank at 10% and 6% simple interests respectively. If his monthly income was Rs. 2000, then the difference of his deposits in the post office and in the bank was = ?

A. Rs. 100000

B. Rs. 40000

C. Rs. 50000

D. Rs. Nil

Answer: Option D

Solution(By Examveda Team)

10% of Rs. 3 Lacs = 30000
6% of Rs. 3 Lacs = 18000
1 month interest income = 2000
∴ 1 year interest income = 2000 × 12 = 24000
Profit of Bank = 24000 - 18000 = 6000
Profit of Post Office = 30000 - 24000 = 6000
∴ Ratio of profit = 6000 : 6000 = 1 : 1
So, amount deposited = Rs. 150000 each
And difference = 0