Question
Download Solution PDFThe simple interest on Rs. 800 for 6 years at 5.5% per annum is equal to the simple interest on Rs. 600 at 4% per annum for a certain period of time. The period of time is:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven
A person invests on simple interest = Rs. 800
A person invests on simple interest = Rs. 600
Rate of Interest = 5.5%
Rate of Interest = 4%
Time = 6 year
Time = t year
Formula used.
Simple interest = Principal × Time × Rate/100
Amount = Principal(1 - Rate/100)2
Calculation
The Rate of Interest for the first and second sum is 4% and 5% p.a. respectively.
(800 × 5.5 × 6) / 100 = ((600) × 4 × t) / 100
⇒ 24t = 264
⇒ t = 264/24
⇒ t = 11
The value of t (in percentage) is 11 years.
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