Question

Fill in the blanks to make the statement true:

The _________ of interest on a sum of $₹2000$ at the rate of $6\%$ per annum for $1\frac{1}{2}$ years and $2$ years is $₹420$.

Answer 1

Evaluate the total interest rate

Given, principal amount $P=₹2000$

and, rate of interest $R=6\%$

As we know that, $I=\frac{P\times R\times T}{100}$

$\Rightarrow$ If time $\left(T\right)$ is $1\frac{1}{2}$ years, then interest will $\frac{2000\times 6\times {\displaystyle \frac{3}{2}}}{100}=₹180$

$\Rightarrow$ If time $\left(T\right)$ is $2$ years, then interest will be $\frac{2000\times 6\times {\displaystyle 2}}{100}=₹240$

As the total interest is given as $₹420$, so if we “sum” $₹180$ and $₹240$, the result will be $₹420$

Therefore, the “sum” of interests is $₹420$.