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.

Hint:

### 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, …(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

On substituting the values in (i), we get …(ii)

Case Ⅱ

Here, we have

On substituting the values in (i), we get …(iii)

It is given that the interest produced in both the cases is the same.

So, Equate (ii) and (iii)

On equating, we get

rupees.

Hence the sum of money P = 1500 Rupees

Hence the sum of money P = 1500 Rupees

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