Question

A person lent out some money for 1 year at 6% per annum simple interest and after 18 months, he again lent out the same money at a simple interest of 24% per annum. In both the cases, he got ` 4704. Which of these could be the amount that was lent out in each case if interest is paid half-yearly?

Answer 1

A person lent out some money for 1year at 6% per annum simple interest and after 18 months he again lent out the same money at a simple interest of 24% per annum. In both cases he got Rs.4704. What was ... This was the point at which he gets back 4704 Rs. => 1.12x = 4704. => x = 4200 Rs.

Answer 2

Let amount was 100.

According to question,

100 + (4% of 100) * 3 = 4704

100 + 0.04 * 3 * 100 = 4704

112 = 4704

1= 4704/112

So,

100 = (4704 * 100)/112 = 4200.

Required Amount = 100 = Rs. 4200.

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