A certain amount was deposited into a bank account having a simple intrest rate of 5% . if the total amount after 4 years was ₹1500 how much was the amount deposited initially? for the same initial amount, how should the interest rate increase such that the simple intrest would amount to₹400?
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Step-by-step explanation:
r=5%
t=4 years
A=Rs. 1500
S.I.= P × R × T/ 100
S.I= A-P
1500- P = P × 5 × 4/ 100
1500- P = P/5
1500= P/5 + P
1500= 6P/5
1500×5/6 = P
P=Rs. 1250
S.I.2 =Rs. 400
r= ?
P=Rs. 1250
t= 4 years
r= 100 × si2/ P × t
r= 100 × 400 / 1250 × 4
r= 8%
now difference of rates= 8-5= 3
the initial rate should increase 3% to have si2 as Rs. 400.
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