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Mr.X invests Rs. 90500 in post office at 7.5% p.a simple interest. while calculating the rate was wrongly taken as 5,7% p.a. the difference in amounts at maturity is Rs 9771. find the period for which the sum was invested?
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Mr.X invests Rs. 90500 in post office at 7.5% p.a simple interest. whi...
Calculation of Simple Interest:
Let's assume that the correct interest rate is 7.5% and the incorrect rate is 5.7%.
Step 1:
Let's calculate the interest earned at the correct rate of 7.5% for the given principal amount of Rs. 90,500 and an unknown time period.
Simple Interest (SI) = (Principal * Rate * Time) / 100
SI = (90,500 * 7.5 * Time) / 100
Step 2:
Now, let's calculate the interest earned at the incorrect rate of 5.7% for the same principal amount of Rs. 90,500 and the same unknown time period.
SI = (90,500 * 5.7 * Time) / 100
Step 3:
The difference in amounts at maturity is given as Rs. 9,771. Therefore, we can write the equation as:
(90,500 * 7.5 * Time) / 100 - (90,500 * 5.7 * Time) / 100 = 9,771
Step 4:
Let's solve the equation further:
(90,500 * 7.5 * Time - 90,500 * 5.7 * Time) / 100 = 9,771
(90,500 * 1.8 * Time) / 100 = 9,771
(1,63,350 * Time) / 100 = 9,771
Step 5:
Now, let's solve for the unknown time period:
Time = (9,771 * 100) / 1,63,350
Time = 59700 / 163350
Time ≈ 0.365 years
Explanation of the Period:
The sum of Rs. 90,500 was invested for approximately 0.365 years. This means that Mr. X invested the money for around 4.38 months.
Conclusion:
Mr. X invested Rs. 90,500 in a post office at a simple interest rate of 7.5% per annum. However, the rate was wrongly taken as 5.7% per annum. The difference in amounts at maturity is Rs. 9,771. After solving the equation, we find that the sum was invested for approximately 0.365 years or around 4.38 months.
Let's assume that the correct interest rate is 7.5% and the incorrect rate is 5.7%.
Step 1:
Let's calculate the interest earned at the correct rate of 7.5% for the given principal amount of Rs. 90,500 and an unknown time period.
Simple Interest (SI) = (Principal * Rate * Time) / 100
SI = (90,500 * 7.5 * Time) / 100
Step 2:
Now, let's calculate the interest earned at the incorrect rate of 5.7% for the same principal amount of Rs. 90,500 and the same unknown time period.
SI = (90,500 * 5.7 * Time) / 100
Step 3:
The difference in amounts at maturity is given as Rs. 9,771. Therefore, we can write the equation as:
(90,500 * 7.5 * Time) / 100 - (90,500 * 5.7 * Time) / 100 = 9,771
Step 4:
Let's solve the equation further:
(90,500 * 7.5 * Time - 90,500 * 5.7 * Time) / 100 = 9,771
(90,500 * 1.8 * Time) / 100 = 9,771
(1,63,350 * Time) / 100 = 9,771
Step 5:
Now, let's solve for the unknown time period:
Time = (9,771 * 100) / 1,63,350
Time = 59700 / 163350
Time ≈ 0.365 years
Explanation of the Period:
The sum of Rs. 90,500 was invested for approximately 0.365 years. This means that Mr. X invested the money for around 4.38 months.
Conclusion:
Mr. X invested Rs. 90,500 in a post office at a simple interest rate of 7.5% per annum. However, the rate was wrongly taken as 5.7% per annum. The difference in amounts at maturity is Rs. 9,771. After solving the equation, we find that the sum was invested for approximately 0.365 years or around 4.38 months.
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Mr.X invests Rs. 90500 in post office at 7.5% p.a simple interest. while calculating the rate was wrongly taken as 5,7% p.a. the difference in amounts at maturity is Rs 9771. find the period for which the sum was invested?
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Mr.X invests Rs. 90500 in post office at 7.5% p.a simple interest. while calculating the rate was wrongly taken as 5,7% p.a. the difference in amounts at maturity is Rs 9771. find the period for which the sum was invested? 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 Mr.X invests Rs. 90500 in post office at 7.5% p.a simple interest. while calculating the rate was wrongly taken as 5,7% p.a. the difference in amounts at maturity is Rs 9771. find the period for which the sum was invested? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mr.X invests Rs. 90500 in post office at 7.5% p.a simple interest. while calculating the rate was wrongly taken as 5,7% p.a. the difference in amounts at maturity is Rs 9771. find the period for which the sum was invested?.
Mr.X invests Rs. 90500 in post office at 7.5% p.a simple interest. while calculating the rate was wrongly taken as 5,7% p.a. the difference in amounts at maturity is Rs 9771. find the period for which the sum was invested? 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 Mr.X invests Rs. 90500 in post office at 7.5% p.a simple interest. while calculating the rate was wrongly taken as 5,7% p.a. the difference in amounts at maturity is Rs 9771. find the period for which the sum was invested? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mr.X invests Rs. 90500 in post office at 7.5% p.a simple interest. while calculating the rate was wrongly taken as 5,7% p.a. the difference in amounts at maturity is Rs 9771. find the period for which the sum was invested?.
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