Question

A certain amount was deposited into a bank account having a simple interest rate of 5 percent . If total amount after 4 years was₹1,500 how much was the amount deposited intially for the same intial amount how should the interest rate increase such that the simple interest would amount to ₹400

Answer 1

Answer:

Let principle be P

rate of interest = 5%

time = 4 yrs

Amount = Rs 1500

B.T.P,

S.I = Prt/100

= P×5×4/100

= 20P/100

= P/5

B.T.P,

P + P/5 = 1500

or, 6P/5 = 1500

or, 6P = 7500

or, P = 7500/6

or, P = Rs 1250

Now S.I is 400

principal is Rs 1250

time 4 yrs

and rate be r

S.I = Prt/100

or, 400= 1250×4×r/100

or, 50r= 400

or, r= 8

so rate of interest should be 8 percent

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