Question

Anshul deposits $₹9500$ in a bank and earns $₹665$ as interest. What sum of money should he deposit in order to get $₹945$ as interest if the rate of interest and time are the same?

Answer 1

Step 1. Identifying the type of problem:

Here, we are given amount $₹9500$ and interest $₹665$ on the amount. We need to find a sum of money for which amount is $₹945$.

So, it is a case of proportion.

$9500:665::x:945$

Step 2. Finding the sum of money:

The interest on $₹9500$ $=₹665$

Now, if interest is $₹945$, we need to find the amount.

Let the amount be $₹x$.

According to the question,

$$\begin{gathered} 9500:665::x:945 \\ \Rightarrow \frac{9500}{665}=\frac{x}{945} \\ \Rightarrow x=\frac{9500\times 945}{665} \\ \Rightarrow x=13500 \end{gathered}$$

Thus, a sum of $₹13500$ should be deposited in order to get $₹945$ as interest if the rate of interest and time are the same.