A invests rs8000 and B invests rs11000 at the same rate of interest per annum if at the end of 3 years. B gets rs720 more interest then A;find the rate of interest.(please answer with solution)
Answers
The rate of interest is 8%.
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Answer:
If at the end of 3 years, B gets Rs. 720 more interest than A, then the rate of interest is 8%.
Step-by-step explanation:
Required formula:
S.I. = \frac{PRT}{100}
100
PRT
A invested = Rs. 8000
B invested = Rs. 11000
Time period of investment for both A & B, T = 3 years
Let the rate of interest in both the investment be “R”% and the interest earned by A and B be denoted as “Ia” & “Ib” respectively.
Interest earned by A after 3 years:
Ia = \frac{8000 * R * 3}{100}
100
8000∗R∗3
= 240R …… (i)
And,
Interest earned by B after 3 years:
Ib = \frac{11000 * 3 * R}{100}
100
11000∗3∗R
= 330R …… (ii)
It is given that at the end of 3 years the interest earned by B is Rs. 720 more than the interest earned by A, so we can write the eq. as,
Ib = Ia + 720
⇒ 330R = 240R + 720 ……. [substituting values from (i) & (ii)]
⇒ 90R = 720
⇒ R = 720/90
⇒ R = 8%
Thus, the rate of interest is 8%.