📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    Question

    The interest earned on investing Rs. 'P' for 5 years at

    simple interest of 10% p.a. is Rs. 500 more than the interest earned on investing Rs. (P - 1,500) for 5 years at simple interest of 11% p.a. Find the value of '2P'.
    A 18,690 Correct Answer Incorrect Answer
    B 17,500 Correct Answer Incorrect Answer
    C 13,000 Correct Answer Incorrect Answer
    D 10,625 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    ATQ, Simple interest = Principal × Rate × Time ÷ 100 Simple interest earned on investing Rs. 'P': SI=P×5×10÷100=0.5P Simple interest earned on investing Rs. (P - 1,500): SI=(P−1,500)×5×11÷100=0.55P−825 According to the question: 0.5P=0.55P−825+500 0.5P=0.55P−325 0.05P=325 P=325÷0.05=6,500 Required value: 2P=2×6,500=13,000

    Practice Next
    More Simple and compound interest Questions

    Relevant for Exams:

    ask-question