Question

Arun has a certain sum deposited in a bank at 5% per annum the bank increases the rate of interest from 5 % to 6% after increase in rates Arun deposits to Rs 2,000 more in his account the annual interest received by him now is 220 rupees more than before find is original deposit

Answer 1

The original deposit made by Arun in the bank is Rs. 10,000.

Step-by-step explanation:

Required Formula:

S.I. = $\frac{PRT}{100}$

The initial rate of interest = 5%

The rate of interest increases to = 6%

Time period = 1 year

Let the original deposit by Arun be denoted as Rs. “P”.

After the increase in the rate of interest, the deposit money = Rs. (P+2000)

Now, according to the question and based on the above formula, we can write the eq. as,

$\frac{(P+2000) * 6*1}{100} - \frac{P * 5 * 1}{100}$ = 220

⇒ 6P + 12000 – 5 P = 220 * 100

⇒ P = 22000 – 12000

⇒ P = 10,000

Thus, the original deposit is Rs. 10,000.

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