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Bank Passbook and Its Components

sum invested.

Question

The simple interest on a sum of money for 5years at 6%p.a. is rupees 120 more than the simple interest on the same sum at 5%p.a. for 4 years. Find the sum invested.

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Solution

Given:
PN1R1/100
=PN2R2/100+120

=>
P56/100
=P45/100+120

=>30P/100-20P/100=120

=>P/10=120

=>P=1200

Therefore sum invested
=1200

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