Question
A sum when invested at simple interest of 5% p.a. amounts to Rs. 18,000 after 4 years. If the same sum was invested at simple interest of 12% p.a. for 3 years, then what would be the interest earned?
Solution
Let the sum invested be Rs. 'P' Simple interest = (Sum X Rate of interest X time period in years) ÷ 100 ATQ: 18000 - P = (P X 5 X 4) ÷ 100 Or, 18000 - P = 0.2P So, 18000 = 1.2P So, P = (18000/1.2) = 15,000 So, required interest = (15000 X 12 X 3) ÷ 100 = Rs. 5,400
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