What some of money invested at 7.5%p.a. simple interest for 2 years produces twice as much interest as Rs. 9600 in 3 years 6 months at 10% p. a. Simple interest?
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Step-by-step explanation:
First Case:
Principal (P1) = Rs 9600
Rate (R1) = 10%
Period = (T) = 3 years 6 months
= 3
2
1
years = 7 / 2 years
Simple interest = (P × R × T) / 100
= (9600 × 10 × 7) / (100 × 2)
We get,
= Rs 3360
Second case:
Simple interest = Rs 3360 × 2
= Rs 6720
Rate (R) = 7.5% p.a. and
Period (T) = 2 years
Therefore,
Principal = (S.I × 100) / (R × T)
= (6720 × 100) / (7.5 × 2)
= Rs (6720 × 100 × 10) / (75 × 2)
= 6720000 / 150
We get,
= Rs 44800
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