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Two equal amount of sum are deposited in banks at the rate 5 percent per annum. The amount deposited for 3 and 5 years respectively. If the difference between the SI obtained is 120 rupees, then find the sum
- a)1100
- b)1200
- c)1300
- d)1400
- e)None of these
Correct answer is option 'B'. Can you explain this answer?
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Two equal amount of sum are deposited in banks at the rate 5 percent p...
Answer – b) 1200 Explanation : 120 = p*(5/100)*5 – p*(5/100)*3
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Two equal amount of sum are deposited in banks at the rate 5 percent p...
Given:
- Two equal amounts are deposited in banks at the rate of 5% per annum.
- The amounts are deposited for 3 years and 5 years respectively.
- The difference between the simple interest obtained is 120 rupees.
To find:
The sum deposited.
Solution:
Let's assume that the amount deposited is 'x'.
Calculating the Simple Interest:
The formula for calculating simple interest is:
SI = (P * R * T) / 100
For the first deposit:
SI1 = (x * 5 * 3) / 100 = 15x / 100 = 0.15x
For the second deposit:
SI2 = (x * 5 * 5) / 100 = 25x / 100 = 0.25x
Given:
SI2 - SI1 = 120
Substituting the values of SI1 and SI2:
0.25x - 0.15x = 120
0.1x = 120
x = 120 / 0.1
x = 1200
Therefore, the sum deposited is 1200 rupees.
Conclusion:
The correct option is B) 1200.
- Two equal amounts are deposited in banks at the rate of 5% per annum.
- The amounts are deposited for 3 years and 5 years respectively.
- The difference between the simple interest obtained is 120 rupees.
To find:
The sum deposited.
Solution:
Let's assume that the amount deposited is 'x'.
Calculating the Simple Interest:
The formula for calculating simple interest is:
SI = (P * R * T) / 100
For the first deposit:
SI1 = (x * 5 * 3) / 100 = 15x / 100 = 0.15x
For the second deposit:
SI2 = (x * 5 * 5) / 100 = 25x / 100 = 0.25x
Given:
SI2 - SI1 = 120
Substituting the values of SI1 and SI2:
0.25x - 0.15x = 120
0.1x = 120
x = 120 / 0.1
x = 1200
Therefore, the sum deposited is 1200 rupees.
Conclusion:
The correct option is B) 1200.
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Question Description
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