Question
Two cousins, P and Q, made investments in two separate
SIPs with different simple interest rates of 12% per annum and 15% per annum, respectively. After 4 years, P received an interest of Rs. 3,096. If Q earned the same interest amount in just 3 years, how much more money did Q invest compared to P?Solution
ATQ, Let the amount invested by P = Rs. ‘K’ Simple interest received by P = K × 12 × 4 ÷ 100 = Rs. ‘0.48K’ Or, 0.48K = 3096 So, K = 6450 Let the amount invested by Q = Rs. ‘J’ Then, simple interest received by Q = J × 15 × 3 ÷ 100 = Rs. ‘0.45J’ Or, 0.45J= 3096 Or, J = 3096 ÷ 0.45 = 6880 So, required difference = 6880 – 6450 = Rs. 430
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