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Two equal sums of money at simple interest at 11% p.a for 3½ years and 4½ years respectively. If the difference in interest for two periods was rs 412.50, then each sum is?
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Two equal sums of money at simple interest at 11% p.a for 3½ years and...
Given Information:
- Two equal sums of money
- Simple interest rate: 11% per annum
- Time periods: 3½ years and 4½ years
- Difference in interest: Rs 412.50
Step 1: Calculate the Interest for each Period
To find the sum of money, we need to calculate the interest for each period separately.
Interest for the first period (3½ years):
I₁ = P × R × T
Where,
I₁ is the interest for the first period,
P is the principal amount (sum of money),
R is the rate of interest, and
T is the time period in years.
Interest for the second period (4½ years):
I₂ = P × R × T
Step 2: Calculate the Difference in Interest
The difference in interest between the two periods is given as Rs 412.50.
Difference in interest: I₂ - I₁ = Rs 412.50
Substituting the values of interest:
P × R × T₂ - P × R × T₁ = Rs 412.50
Step 3: Simplify the Equation
Since the principal amount (P) is the same for both periods, we can factor it out.
P × R × (T₂ - T₁) = Rs 412.50
Step 4: Calculate the Principal Amount
Now, we can solve the equation to find the principal amount (P).
P = Rs 412.50 / (R × (T₂ - T₁))
Step 5: Substitute the Values to Find each Sum
Substituting the given values into the equation:
Principal amount (P) = Rs 412.50 / (0.11 × (4.5 - 3.5))
Simplifying the expression:
Principal amount (P) = Rs 412.50 / (0.11 × 1)
Principal amount (P) = Rs 3750
Since the sums of money are equal, each sum is Rs 3750.
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Two equal sums of money at simple interest at 11% p.a for 3½ years and 4½ years respectively. If the difference in interest for two periods was rs 412.50, then each sum is?
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Two equal sums of money at simple interest at 11% p.a for 3½ years and 4½ years respectively. If the difference in interest for two periods was rs 412.50, then each sum 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 Two equal sums of money at simple interest at 11% p.a for 3½ years and 4½ years respectively. If the difference in interest for two periods was rs 412.50, then each sum is? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Two equal sums of money at simple interest at 11% p.a for 3½ years and 4½ years respectively. If the difference in interest for two periods was rs 412.50, then each sum is?.
Two equal sums of money at simple interest at 11% p.a for 3½ years and 4½ years respectively. If the difference in interest for two periods was rs 412.50, then each sum 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 Two equal sums of money at simple interest at 11% p.a for 3½ years and 4½ years respectively. If the difference in interest for two periods was rs 412.50, then each sum is? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Two equal sums of money at simple interest at 11% p.a for 3½ years and 4½ years respectively. If the difference in interest for two periods was rs 412.50, then each sum is?.
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