asmita deposited some money in the bank if she withdraws the money after two years she gets rupess 4400 if she withdraws after three years she gets 4600 find the principal and the rate of interest
Answers
The principal amount is Rs. 4000 and the rate of interest is 5% p.a.
Given:
Money received by withdrawing after 2 years = Rs. 4400
Money received by withdrawing after 3 years = Rs. 4600
To find:
The principal amount and rate of interest
Solution:
The formula for the calculation of simple interest is given as follows.
I = PRT / 100
where P represents the principal amount, R represents the rate of interest and T represents the time.
According to the given data, Asmita receives Rs. 4400 after withdrawing her money after 2 years and Rs. 4600 after withdrawing her money after 3 years.
=> P + (PR x 2) / 100 = 4400 and P + (PR x 3) / 100 = 4600
=> 100P + 2PR = 4,40,000 and 100P + 3PR = 4,60,000
=> P(100 + 2R) = 4,40,000 ...(i)
P(100 + 3R) = 4,60,000 ...(ii)
Dividing equation (ii) with (i),
P(100 + 2R) / P(100 + 3R) = 4,40,000 / 4,60,000
=> 100 + 2R / 100 + 3R = 22/23
=> 23 (100 + 2R) = 22 (100 + 3R)
=> 2300 + 46R = 2200 + 66R
=> R = 5% p.a.
Replacing the value of R in equation (i)
P = Rs. 4000
Hence, the principal amount is Rs. 4000 and the rate of interest is 5% p.a.
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