Question

Sameer equal sums of money at 5½% AND 4% per annum respectively for a period of 3 years. If he earned ₹ 72 more for the money lent out at 5 ½ , find the sum of money lent at 4%
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Answer 1

It does not matter whether the amount of money lent is at 5.5% or 4%, since both the amounts are same.

Let P be the amount lent by the man.

Since he earns Rs. 72 more by lending the amount at 5.5%, Rs. 72 is the simple interest on the amount P, lent at 5.5% for 3 years.

Thus, 72 = P*5.5*3/100

Or P = 72*100/(5.5*3)

P = 7200/16.5 = 436.36

Thus, the amount lent at 4% is Rs. 436.36