Question

Anil deposits rupees 7000 in bank and recieves an interest of rupees 1050. What sum of money should Anil deposit in the bank to recieve an interest of rupees 1395,the rate and time the deposite being same

Answer 1

Given:

The money deposited by Anil = 7000

Interest received by Anil = 1050

To find:

We heve to find the amount deposited by Anil if he receives an interest of 1395 Rs. at the same rate of interest and same tome period

Solution:

We have the relation of simple interest as I = P×R×T

where, I= simple interest = 1050

P = Amount deposited =7000

R= rate of interest

T=time period

CASE-1:

I = P×R×T

1050 = 7000×RT

RT = 1050/7000

RT=0.15

CASE-2:

Given that I = 1395 and we have RT = 0.15

Then using above formula,

1395 = P×0.15

P = 1395/0.15

P = 9300

∴ Anil receives an interest of ₹1395 for the deposited amount ₹9300.