Question
A man invested certain sum at simple interest of r% p.a.
such that it amounts to 122% of itself in 5 years. Find the interest earned when Rs. 3000 is invested at simple interest of r% p.a. for 3 years.Solution
Let the sum invested be Rs. βPβ Therefore, interest earned in 5 years = 1.22P β P = Rs. 0.22P ATQ; 0.22P = (P Γ r Γ 5) Γ· 100 Or, r = 22 Γ· 5 Or, r = 4.4 So, required interest earned = (3000 Γ 4.4 Γ 3) Γ· 100 = Rs. 396
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