A certain amount was deposited into the bank account having intrest rate of 5%. if the total amount after 4year was ₹1500,how much was the amount deposited initially?for the same initial amount,how should the intrest rate increase such that the simple interest would be amount₹400?
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Let the amount be = x
Now with a interest rate of 5% the amount becomes after 4 years = rs 400
Therefore
x+x*5*4/100= 1500. (Here we have add x as amount = principal +interest here principal = x and interest is prt/ 100)
=x+x/5=1500
=5x+x/5= 1500
=6x/5=1500
=1500*5/6= x
=x= rs1250
Therefore amount was rs 1200 which gained to RS 1500 after 4years at 5 percent interest.
Interest = rs 400 to initial amount
Let the rate be y
Therefore again by the same formula we derives
1200*4*y/100= 400
=48y= 400
y = 400/48
y= 25/3
y= 8.3 %
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