Question

3. Sameer lent equal sums of money at 5.5 per cent and 4 per cent per annum respectively for a period of 3 years. If he earned 72 more for the money lent out at 5.5%, find the sum of money lent at 4%.
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Answer 1

Answer:

Since he earns Rs. 72 more by lending the amount at 5.5%, Rs. 72 is the simple interest on the amount P, lent at 5.5% for 3 years.

Step-by-step explanation:

Since he earns Rs. 72 more by lending the amount at 5.5%, Rs. 72 is the simple interest on the amount P, lent at 5.5% for 3 years.