What sum of money lent out at 6% p.a for 2 years will produce the same amount as Rs 12000 lent out at 5% p.a for 3 years. Please answer the question
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What sum of money lent out at 5℅ for 3 years will produce the same interest as Rs. 900 lent out at 4℅ for 5 years?
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Manish Nagdev
Answered January 11, 2018
Let’s first calculate the interest on ₹900 at 4% for 5 years,
here principal(p) = ₹900, roi(r) = 4% and period (n) = 5
calculating the Simple Interest…
SI = p*r*n/100
SI = 900*4*5/100
SI = ₹180
since the interest is same for both, we will take ₹180 as interest and calculate the sum/principal invested at the rate of 5% for the period of 3 years.
now, let the principal be ‘x’….
SI = ₹180, roi(r) = 5% and period(n) = 3 years
calculating the principal by the same Simple Interest formula we used earlier..
SI = p*n*r/100
180 = x*5*3/100
x = 180*100/5*3
x = 18000/15
x = ₹1200
so ₹1200 invested at rate of 5% for the period of 3 years will generate ₹180 as interest as before