Question
Rs. 2,250 is the interest earned in 5 years at 9% per
annum simple interest. If this amount is invested at 6% per annum for 3 years, what will be the interest earned?Solution
ATQ,
Let the invested amount be Rs. 'P'
Formula of simple interest = (P × R × T) ÷ 100
ATQ;
2250 = (P × 9 × 5) ÷ 100
Or, P = 2250 ÷ 0.45
Or, P = 5000
Required interest = (5000 × 6 × 3) ÷ 100 = Rs. 900
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