Question
Download Solution PDFIn what time will ₹10,000 at 4% per annum, produce the same interest as ₹8,000 does in 4 years at 5% simple interest?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven
A person invests on simple interest = Rs. 10000
A person invests on simple interest = Rs. 8,000
Rate of Interest = 4%
Rate of Interest = 5%
Time = t year
Time = 4 year
Formula used.
Simple interest = Principal × Time × Rate/100
Amount = Principal(1 - Rate/100)2
Calculation
The Rate of Interest for the first and second sum is 4% and 5% p.a. respectively.
(10000 × 4 × t) / 100 = ((8000) × 4 × 5) / 100
⇒ 40t = 160
⇒ t = 160/40
⇒ t = 4
The value of t (in percentage) is 4 years.
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