Question

6.What sum of money lent out at 4.5% p.a. for 3 years will produce same interest as a sum of ₹4500, lent out at 3% p.a. for 2 years 6 months?

Answer 1

Answer:

yes

Step-by-step explanation:

In second case, Principal (P) = Rs. 900

Rate (R) = 4%, Time (T) = 5 years

∴SI=\frac{PRT}{100}=\frac{900\times4\times5}{100}=180Rs.

In first case, SI = Rs. 180

Rate = 5%, Time = 3 years

∴ Sum = \frac{SI\times100}{R\times T}=\frac{180\times100}{3\times5}=Rs.1200