Question

Ameer invested some amount at 10% p.a. for a period of two years at simple interest; Sameer invested the same amount for a period of 2 years 6 months. If both got the same amount of interest at the end of their respective periods, what was the rate on interest that summer charged​

Answer 1

Answer: 8%

Step-by-step explanation:

According to the formula of simple interest we have,

S.I. = [(Principal (P) × Time (T) × Rate (r)) / 100]

Let,

Principal=P,

Ameer 's Time=T¹=2 years, Rate =r¹=10% &

Sameer 's Time=T²=2 years 6 months =2.5 years ,Rate=r²

Given, both got the same amount of interest at the end of their respective periods

Now,

[P×T¹×r¹/100]=[P×T²×r²/100]

⇒T¹×r¹=T²×r²

⇒2×10=2.5×r²

⇒r²=8

∴The rate on interest that summer charged is 8%