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A person deposited a sum of Rs. 10,000 in a bank. After 2 years, he withdrew Rs. 4,000 and at the end of 5 years, he received an amount of Rs. 7,900; then the rate of simple interest is?
Verified Answer
A person deposited a sum of Rs. 10,000 in a bank. After 2 years, he wi...
5%
Step-by-step explanation:
After 5 years , According the question
7900= 6000+ 10000*2*r/100 +6000*3*r/100
1900= 10000*2*r/100 +6000*3*r/100
1900=200r+180r
1900= 380r
Step-by-step explanation:
A person deposited a sum of Rs. 10,000 in a bank.
After 2 years, he withdrew Rs. 4,000 and at the end
let the rate of interest be r%After 2 years, he withdrew Rs. 4,000 and at the end
After 5 years , According the question
7900= 6000+ 10000*2*r/100 +6000*3*r/100
1900= 10000*2*r/100 +6000*3*r/100
1900=200r+180r
1900= 380r
⇒r= 5%
This question is part of UPSC exam. View all CA Foundation courses
Most Upvoted Answer
A person deposited a sum of Rs. 10,000 in a bank. After 2 years, he wi...
Solution:
Given,
Principal (P) = Rs. 10,000
Amount after 5 years (A) = Rs. 7,900
Time (t) = 5 years
Withdrawn amount after 2 years = Rs. 4,000
Let us find the interest earned by the person.
Amount after 2 years = P + (P * r * t/100) = 10,000 + (10,000 * r * 2/100) = 10,000 + 200r
Amount after the withdrawal of Rs. 4,000 = (10,000 + 200r) - 4,000 = 6,000 + 200r
Now, the interest earned on Rs. 6,000 + 200r in 3 years = A - (6,000 + 200r) = 1,900 - 200r
Let us equate the above two equations to find the value of r.
1,900 - 200r = (6,000 + 200r) * r * 3/100
190,000 - 20,000r = 18,000r + 600r^2
600r^2 + 38,000r - 190,000 = 0
6r^2 + 380r - 1900 = 0
r^2 + 63.33r - 316.67 = 0
Using the quadratic formula, we get,
r = (-63.33 ± √(63.33^2 + 4*1*316.67))/2*1
r = (-63.33 ± 84.23)/2
r = 10.95% or -72.28%
Since the rate of interest cannot be negative, we take the positive value, which is 10.95%.
Therefore, the rate of simple interest is 10.95%.
Given,
Principal (P) = Rs. 10,000
Amount after 5 years (A) = Rs. 7,900
Time (t) = 5 years
Withdrawn amount after 2 years = Rs. 4,000
Let us find the interest earned by the person.
Amount after 2 years = P + (P * r * t/100) = 10,000 + (10,000 * r * 2/100) = 10,000 + 200r
Amount after the withdrawal of Rs. 4,000 = (10,000 + 200r) - 4,000 = 6,000 + 200r
Now, the interest earned on Rs. 6,000 + 200r in 3 years = A - (6,000 + 200r) = 1,900 - 200r
Let us equate the above two equations to find the value of r.
1,900 - 200r = (6,000 + 200r) * r * 3/100
190,000 - 20,000r = 18,000r + 600r^2
600r^2 + 38,000r - 190,000 = 0
6r^2 + 380r - 1900 = 0
r^2 + 63.33r - 316.67 = 0
Using the quadratic formula, we get,
r = (-63.33 ± √(63.33^2 + 4*1*316.67))/2*1
r = (-63.33 ± 84.23)/2
r = 10.95% or -72.28%
Since the rate of interest cannot be negative, we take the positive value, which is 10.95%.
Therefore, the rate of simple interest is 10.95%.
Community Answer
A person deposited a sum of Rs. 10,000 in a bank. After 2 years, he wi...
A person deported a sum of a sum of Rs10000 in his saving account after 2 years he withdraw Rs 4000 and and at the end of 6 year what amount he will get and at what rate of simple interest.
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A person deposited a sum of Rs. 10,000 in a bank. After 2 years, he withdrew Rs. 4,000 and at the end of 5 years, he received an amount of Rs. 7,900; then the rate of simple interest is?
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A person deposited a sum of Rs. 10,000 in a bank. After 2 years, he withdrew Rs. 4,000 and at the end of 5 years, he received an amount of Rs. 7,900; then the rate of simple interest is? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A person deposited a sum of Rs. 10,000 in a bank. After 2 years, he withdrew Rs. 4,000 and at the end of 5 years, he received an amount of Rs. 7,900; then the rate of simple interest is? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A person deposited a sum of Rs. 10,000 in a bank. After 2 years, he withdrew Rs. 4,000 and at the end of 5 years, he received an amount of Rs. 7,900; then the rate of simple interest is?.
A person deposited a sum of Rs. 10,000 in a bank. After 2 years, he withdrew Rs. 4,000 and at the end of 5 years, he received an amount of Rs. 7,900; then the rate of simple interest is? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A person deposited a sum of Rs. 10,000 in a bank. After 2 years, he withdrew Rs. 4,000 and at the end of 5 years, he received an amount of Rs. 7,900; then the rate of simple interest is? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A person deposited a sum of Rs. 10,000 in a bank. After 2 years, he withdrew Rs. 4,000 and at the end of 5 years, he received an amount of Rs. 7,900; then the rate of simple interest is?.
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