Amit invests a sum of ₹5400 and Gopal invests a sum of ₹9400 at the same rate of simple interest per annum. If, at the end of 4 years, Gopal gets ₹480 more interest than Amit, then find the rate of interest per annum (in percentage).

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This question was previously asked in

SSC GD Constable 2025 Official Paper (Held On: 04 Feb, 2025 Shift 2)

Answer 1

Given:

Principal invested by Amit (P_A) = ₹5400

Principal invested by Gopal (P_G) = ₹9400

Time (t) = 4 years

Difference in interest (I_G - I_A) = ₹480

Formula used:

Simple Interest (SI) = \(P \times \dfrac{r \times t}{100}\)

Calculation:

Interest for Amit: I_A = ₹5400 × \(\dfrac{r \times 4}{100}\)

Interest for Gopal: I_G = ₹9400 × \(\dfrac{r \times 4}{100}\)

Given, I_G - I_A = 480

⇒ ₹9400 × \(\dfrac{r \times 4}{100}\) - ₹5400 × \(\dfrac{r \times 4}{100}\) = 480

⇒ ₹(9400 - 5400) × \(\dfrac{r \times 4}{100}\) = 480

⇒ ₹4000 × \(\dfrac{r \times 4}{100}\) = 480

⇒ \(\dfrac{16000r}{100}\) = 480

⇒ 160r = 480

⇒ r = \(\dfrac{480}{160}\)

⇒ r = 3%

∴ The correct answer is option (2).

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