Question

A man depssited 18000 rs. in a bank for ine yr. to earn some interest . If the same interest is to be earned in 8 month at the smae rte . what sum should be deposited by him?

solve step by step

Answer 1

Note that we use the formula --> Simple Interest = [Principal (Sum) * Rate of Interest * Time period (in years) /100] .............

About units, Unit of S.I., Principal(Sum) is "Rs." while we avoid using Units of Time and Rate of interest for Avoiding unnecessary mess.... 'ya know.....
We just do the necessary Calculation and add the units at the answer we get...
Unit of Rate of Interest is % while that of Time is years..

First of all, 8months = 8/12 yrs = 2/3 yrs

Now, we see, 
Interest on Rs.18000 = (18000 * R * 1)/100  ----> Eqn.1
Again, consider other sum as P, 
then, Interest on P in 8months = (P * R * 2/3)/100 ---->Eqn2

Given, both interests are same,
therefore, equating 1&2, we get,
=> P * 2/3 = 18000
=> P = 18000 * 3/2
=> P = Rs. 27000.. Therefore, sum that should be deposited = Rs. 27000


In case you required an answer as per compound Interest, plz do report my answer.... 
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