ICICI lent Rs. $1$ lakh to captain Ram Singh at $6 %$ per annum of simple interest for $10$ years period. Meanwhile ICICI ofered a discount in rate of interest for armed forces. Thus the rate of interest ICICI decreased to $4 %$ . In this way Ram Singh had to pay total amount $1.48$ lakh. After how many year Ram Singh got the discount in rate of interest ?

3

years

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4

years

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6

years

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5

years

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Solution

The correct option is A $4$ years
Interest paid by Ram Singh $= 148000 - 100000 =$ Rs. $48000.$
Let the Discount be given after $x$ years.
So, $48000 = (\frac{100000}{100}) \times (6 x + 4 \times (10 - x))$
$\Rightarrow 48000 = 1000 (6 x + 40 - 4 x)$
$\Rightarrow 48 = 2 x + 40$
$\Rightarrow 2 x = 8$
$x = 4$ years

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The correct option is A 4 yearsInterest paid by Ram Singh=148000−100000= Rs. 48000.Let the Discount be given after x years.So, 48000=(100000100)×(6x+4×(10−x))⇒48000=1000(6x+40−4x)⇒48=2x+40⇒2x=8x=4 years