8. A sum of money invested at 5% per annum amounts to Rs 896 in 2 2/5 years. What will it amount to in 3 years 9 months at the same rate of interest?
Answers
Answer:
Step-by-step explanation:
It will amount to Rs. 950 in 3 years 9 months at the same rate of interest of 5% p.a.
Step-by-step explanation:
Required Formula:
Simple Interest, S.I. = [PRT]/100
Amount, A = P + I
Case 1:
Let the sum of money be Rs. “P”.
Amount, A = Rs. 896
Rate of interest, R = 5% p.a.
Time period, T = 12/5 years
Now, combining both the formulas and substituting the given values we get
A – P = [PRT]/100
⇒ 896 – P = [P * 5 * (12/5)] / 100
⇒ 89600 – 100P = 12P
⇒ 112P = 89600
⇒ P = 89600/112
⇒ P = Rs. 800
Case 2:
The sum of money for the 2nd case remains the same i.e., Rs. 800
Also, the rate of interest is same i.e., 5% p.a.
Time period, T = 3 years 9 months = 3+(9/12) = 3 + (¾) = (12+3)/4 = 15/4
Therefore,
A – P = [PRT]/100
⇒ A – 800 = [800 * 5 * (15/4)] / 100
⇒ A – 800 = 2*5*15
⇒ A = 150 + 800
⇒ A = Rs. 950
Thus, the sum of money amounts to Rs. 950 in 3 years 9 months at the same rate of interest.
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Step-by-step explanation:
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