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Mr. X invests Rs 90,500 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 9,774. find the period for which the sum was invested?
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Mr. X invests Rs 90,500 in post office at 7.5% p.a simple interest. wh...
**Given Information:**
Principal amount (P) = Rs 90,500
Interest rate (R) = 7.5% p.a
Wrongly taken interest rate (R') = 5.7% p.a
Difference in amounts at maturity = Rs 9,774
**Formula for Simple Interest:**
Simple Interest (SI) = (P * R * T) / 100
**Let's assume the correct time period is 't' years.**
**Calculation:**
1. Calculate the simple interest using the correct interest rate (7.5%):
SI = (90,500 * 7.5 * t) / 100
2. Calculate the simple interest using the wrongly taken interest rate (5.7%):
SI' = (90,500 * 5.7 * t) / 100
3. Calculate the difference in the amounts at maturity:
SI - SI' = 9,774
(90,500 * 7.5 * t) / 100 - (90,500 * 5.7 * t) / 100 = 9,774
4. Simplify the equation:
(90,500 * 7.5 * t) - (90,500 * 5.7 * t) = 9,774 * 100
675,750t - 516,150t = 977,400
159,600t = 977,400
5. Solve for 't':
t = 977,400 / 159,600
t = 6
The sum was invested for a period of 6 years.
**Explanation:**
When Mr. X mistakenly calculated the interest rate as 5.7% instead of the correct rate of 7.5%, there was a difference in the amounts at maturity. By using the formula for simple interest and considering the correct time period as 't', we can set up an equation to find the value of 't'.
Simplifying the equation, we find that the sum was invested for a period of 6 years. This means that Mr. X had invested Rs 90,500 in the post office for 6 years at a rate of 7.5% per annum.
Principal amount (P) = Rs 90,500
Interest rate (R) = 7.5% p.a
Wrongly taken interest rate (R') = 5.7% p.a
Difference in amounts at maturity = Rs 9,774
**Formula for Simple Interest:**
Simple Interest (SI) = (P * R * T) / 100
**Let's assume the correct time period is 't' years.**
**Calculation:**
1. Calculate the simple interest using the correct interest rate (7.5%):
SI = (90,500 * 7.5 * t) / 100
2. Calculate the simple interest using the wrongly taken interest rate (5.7%):
SI' = (90,500 * 5.7 * t) / 100
3. Calculate the difference in the amounts at maturity:
SI - SI' = 9,774
(90,500 * 7.5 * t) / 100 - (90,500 * 5.7 * t) / 100 = 9,774
4. Simplify the equation:
(90,500 * 7.5 * t) - (90,500 * 5.7 * t) = 9,774 * 100
675,750t - 516,150t = 977,400
159,600t = 977,400
5. Solve for 't':
t = 977,400 / 159,600
t = 6
The sum was invested for a period of 6 years.
**Explanation:**
When Mr. X mistakenly calculated the interest rate as 5.7% instead of the correct rate of 7.5%, there was a difference in the amounts at maturity. By using the formula for simple interest and considering the correct time period as 't', we can set up an equation to find the value of 't'.
Simplifying the equation, we find that the sum was invested for a period of 6 years. This means that Mr. X had invested Rs 90,500 in the post office for 6 years at a rate of 7.5% per annum.
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Mr. X invests Rs 90,500 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 9,774. find the period for which the sum was invested?
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Mr. X invests Rs 90,500 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 9,774. 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 90,500 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 9,774. 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 90,500 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 9,774. find the period for which the sum was invested?.
Mr. X invests Rs 90,500 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 9,774. 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 90,500 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 9,774. 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 90,500 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 9,774. find the period for which the sum was invested?.
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