Question
A sum becomes Rs. 13,650 in 5 years at r% p.a. of simple
interest. If the rate was (r + 3)% per annum, the same sum would grow to Rs. 14,700 in the same time. What is the invested principal?Solution
ATQ,
Let the invested amount be Rs. ‘P’.
Interest at r% = 13650 – P
So, 13650 – P = P × 5 × r ÷ 100
Or, 20 × (13650 – P) = Pr ………. (I)
At (r + 3)% rate:
14700 – P = P × (r + 3) × 5 ÷ 100
Or, 20 × (14700 – P) = Pr + 3P ………. (II)
Now,
294000 – 20P = 273000 – 17P
21000 = 3P
P = 7000
Thus, sum = Rs. 7,000
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