Question

In how much time will the simple interest on Rs 2500 at the rate of 8% per annum be the same as the simple interest on Rs 3000 at the rate of 9.75% per annum for 5 years.

Answer 1

Answer:

7.4 years

Step-by-step explanation:

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Answer 2

The time taken is 7 years and 3 months.

Explanation:

Given that the simple interest on Rs. 2500 at the rate of 8% per annum be the same as the simple interest on Rs. 3000 at the rate of 9.75% per annum for 5 years.

It is required to find the time at which both the simple interest will be the same.

The formula to find the simple interest is given by

$S I=\frac{P \times n \times r}{100}$

Hence, we have,

$\frac{2500 \times n \times 8}{100}=\frac{3000 \times 5 \times 9.75}{100}$

Multiplying, we get,

$\frac{20000 \times n }{100}=\frac{146250}{100}$

Dividing, we get,

${200 \times n }=1462.5$

Taking 200 to the RHS, we get,

$n=\frac{1462.5}{200}$

Simplifying, we get,

$n=7.3$

Thus, in 7 years and 3 months the simple interest on Rs 2500 at the rate of 8% per annum be the same as the simple interest on Rs 3000 at the rate of 9.75% per annum for 5 years.

Therefore, the time taken for the both the simple interest to be same is 7 years and 3 months.

Learn more:

(1) If simple interest for a sum of rs 3100 for 4 years is rs 40 more than the simple interest of rs 2900 for the same duration at the same rate of interest then the rate of interest is

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(2) Calculate the time required for the simple interest earned on ₹3000 at the rate of 4% per annum to be equal to the simple interest on ₹8000 at the rate of 8% per annum for 3 year

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