Question
Download Solution PDFFor a certain sum, the amount received after 2 years at 18% p.a. simple interest is Rs.1,100 less than the simple interest on the same sum for 10 years at the same rate. The sum (in Rs.) is:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Time for amount = 2 years
Rate = 18% per annum
Amount after 2 years is Rs.1100 less than the simple interest for 10 years
Formula used:
Simple Interest (SI) = \( \frac{P \times R \times T}{100} \)
Calculation:
SI for 2 years = \( \frac{P \times 18 \times 2}{100} \) = \( \frac{36P}{100} \)
SI for 10 years = \( \frac{P \times 18 \times 10}{100} \) = \( \frac{180P}{100} \)
According to the question:
Amount after 2 years = Principal + SI for 2 years
\( P + \frac{36P}{100} \) = SI for 10 years - 1100
\( P + \frac{36P}{100} = \frac{180P}{100} - 1100 \)
⇒ \( \frac{136P}{100} = \frac{180P}{100} - 1100 \)
⇒ \( 136P = 180P - 110000 \)
⇒ \( 180P - 136P = 110000 \)
⇒ \( 44P = 110000 \)
⇒ \( P = 2500 \)
∴ The required sum is Rs.2500.
Last updated on Dec 9, 2024
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