Maths-
General
Easy

Question

What sum of money lent out at 6% for 2 years will produce the same interest as Rs. 1200 lent out at 5% for 3 years.

hintHint:

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

The correct answer is: 1500 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 2 comma R equals 6 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 2 cross times 6 over denominator 100 end fraction equals fraction numerator 12 P over denominator 100 end fraction…(ii)
    Case Ⅱ
    Here, we have T equals 3 comma R equals 5 straight percent sign text  and  end text P equals 1200
    On substituting the values in (i), we get S I equals fraction numerator 1200 cross times 3 cross times 5 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 12 P over denominator 100 end fraction equals 18000 over 100

    not stretchy rightwards double arrow P equals 18000 over 12

    not stretchy rightwards double arrow P equals 1500 rupees.
    Hence the sum of money P = 1500 Rupees

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