Question

a man and his wife invest 2400 and 2000 in a bank offering the same rate of interest respectively after 4 years interest earned by the man is 64 more than his wife calculate the rate of intrest​

Answer 1

4%

Step-by-step explanation:

RT/100 * ( P1 - p2) = difference

4R /100 * (2400 - 2000) = 64

16R = 64 => R = 4 %

Answer 2

The rate of interest is 4%.

Given:

A man and his wife invest 2400 and 2000 in a bank offering the same rate of interest respectively after 4 years interest earned by the man is 64 more than his wife.

To find:

The rate of interest.

Solution:

To answer this question, we will follow the following steps:

First of all, we should know the formula for calculating the simple interest:

$= \frac{p \times r \times t}{100}$

Where p is the principal, r is the rate and 't' is the time in which simple interest is calculated.

Now,

As given, we have,

The principal amount invested by man = 2400

The principal amount invested by women = 2000

The difference in principal = 2400-2000 = 400

Time = 4 years

The difference in simple interest earned a by man and woman = 64

So,

$\frac{400 \times r \times 4}{100} = 64$

$16r = 64$

$r = 4\%$

Hence, the rate of interest is 4%.

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