Anshul deposits in a bank and earns as interest. What sum of money should he deposit in order to get as interest if the rate of interest and time are the same?
Step 1. Identifying the type of problem:
Here, we are given amount and interest on the amount. We need to find a sum of money for which amount is .
So, it is a case of proportion.
Step 2. Finding the sum of money:
The interest on
Now, if interest is , we need to find the amount.
Let the amount be .
According to the question,
Thus, a sum of should be deposited in order to get as interest if the rate of interest and time are the same.