Question
A person deposited a sum at simple interest. The amount
after 5 years turned out to be (110/88) times of the amount he got in 3 years. Find the rate of interest.Solution
ATQ,
Let the rate of interest be βr%β p.a.
Let the amount after 3 years = Rs. β88xβ
Then, amount after 5 years = (110/88) Γ 88x = Rs. β110xβ
Interest in 2 years = 110x β 88x = Rs. β22xβ
Yearly interest = 22x / 2 = Rs. β11xβ
Principal = 88x β 11x Γ 3 = Rs. β55xβ
ATQ,
55x Γ (r / 100) Γ 1 = 11x
r = (11x Γ 100) / 55x = 20
The rate of interest = r = 20%
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Question figure:
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