Question

Naveen has Rs 396.50 with him. How much short is he of Rs 500? ​

Answer 1

Answer:

Time period =

2

7

years

As we know that,

S.I.=

100

P×r×t

Here,

S.I.= Simple interest

P= Principal sum

r= Rate of interest

t= Time period

Therefore,

S.I. paid by Naveen =

100

42000×r×(

2

7

)

=210×r×7

S.I. paid by Praveen =

100

55000×r×(

2

7

)

=225×r×7

Given that the difference in the interest paid by Praveen and Naveen is Rs.3640

Therefore,

225×r×7−210×r×7=3640

r×7×(275−210)=3640

⇒r=

7×65

3640

=8%

Hence the rate of interest is 8%.

Hence the correct answer is 8%.

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Answer 2

As per the data given in the above question.

In the above question, it is given that,

The given data is Naveen has Rs.396.50,

We have to find how much short is Naveen of Rs 500.

Thus, the short of the amount is as follows,

$=500-396.50\\=Rs.103.5$

Hence Naveen is Rs.103.5 short of Rs.500.