Question
A sum when invested at simple interest of 6% p.a.
amounts to Rs. 13,600 after 6 years. If the same sum was invested at simple interest of 15% p.a. for 2 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: 13600 - P = (P X 6 X 6) ÷ 100 Or, 13600 - P = 0.36P So, 13600 = 1.36P So, P = (13600/1.36) = 10,000 So, required interest = (10000 X 15 X 2) ÷ 100 = Rs. 3,000
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