Maths-
General
Easy

Question

What sum of money lent out at 5% for 3 years will produce the same interest as Rs. 900 lent out at 4% for 5 years.

hintHint:

Given that interest produced is same in both the cases. So equate two SI equations.

The correct answer is: 1200 Rupees


    Complete step by step solution:
    We calculate simple interest by the formula, S I equals fraction numerator P T R over denominator 100 end fraction…(i)
    where P is Principal amount, T is number of years and R is rate of interest
    Case Ⅰ
    Let the sum of money = P
    Here, we have T equals 3 comma R equals 5 straight percent sign text  and  end text P equals ?
    On substituting the values in (i), we get S I equals fraction numerator P cross times 3 cross times 5 over denominator 100 end fraction equals fraction numerator 15 P over denominator 100 end fraction…(ii)
    Case Ⅱ
    Here, we have T equals 5 comma R equals 4 straight percent sign text  and  end text P equals 900
    On substituting the values in (i), we get S I equals fraction numerator 900 cross times 5 cross times 4 over denominator 100 end fraction equals 18000 over 100…(iii)
    It is given that the interest produced in both the cases is the same.
    So, Equate (ii) and (iii)
    On equating, we get fraction numerator 15 P over denominator 100 end fraction equals 18000 over 100
    not stretchy rightwards double arrow P equals 18000 over 15
    not stretchy rightwards double arrow P equals 1200rupees.
    Hence the sum of money P = 1200 Rupees

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