Due to the fall in the rate of interest from 13% p. a. to 12 1/2 % p.a. a money lender's yearly income diminishes by rs 104.His capital is?
Very urgent!!
Answers
Given:
Due to the fall in the rate of interest from 13% p. a. to 12 1/2 % p.a. a money lender's yearly income diminishes by Rs. 104
To find:
His capital
Solution:
To solve the given problem we will use the following formula of simple interest:
Let's assume "P" represents the money lender's capital.
Simple Interest before the fall, S.I.₁ =
and
Simple Interest after the fall, S.I.₂ =
Also given that ⇒ S.I.₁ - S.I.₂ = 104
Therefore, we can form an equation as:
Thus, the money lender's capital is Rs. 20800.
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option a is correct ..................