Question

Saving Rs 3600 on interest, for 5 years, it becomes Rs
5220. How much money have to be deposited at the same rate to get an amount
Rs. 47,270 in 7 years?​

Answer 1

Answer:

29,000

Step-by-step explanation:

[1.] Principal = 3600

Amount = 5220

Time = 5 years

Interest = 5220-3600 = 1620

Take principal amount to be 100

Interest of Rs 100 in 1 year = 1620*100/3600*5

= Rs 9

Therefore, rate of interest = Rs 9 per annum

[2.] Amount = 47270

Time. = 7 years

Rate = 9 per annum [from 1]

Interest of Rs 100 in 1 year = Rs 9

Interest of Rs 100 in 7 years = 9*7= 63

With Rs 100 as principal, amount = 100+63=163

In 7 years amount being 163 the principal would be 100

If we take Rs 1 as principal, amount = 100/163

Therefore, If amount is = 47270,

Principal = 100*47270/163

= ( 163*29 = 4727)

= 290*100

= 29000