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Simple Interest

A sum of mone...

Question

A sum of money put at 9% per annum simple interest amounts to ₹10160 in 3 years . What will it amount to in 2 years at 8% per annum?

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Solution

Dear Student,

$R a t e o f I n t e r e s t = 9 %, T i m e = 3 y e a r s A m o u n t a f t e r 3 y e a r s = R s 10, 160 S i m p l e I n t e r e s t = \frac{P \times R \times T}{100} S i m p l e I n t e r e s t = A m o u n t a f t e r 3 y e a r s - P r i n c i p a l 10160 - P = \frac{P \times 9 \times 3}{100} 10160 \times 100 - 100 P = 27 P P = \frac{10160 \times 100}{127} = R s 8, 000 A m o u n t a f t e r 2 y e a r s a t 8 % = \frac{8000 \times 8 \times 2}{100} + 8000 A m o u n t a f t e r 2 y e a r s a t 8 % = R s . 9, 280$

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