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Question 118
In what time will 8,000, at 3% per annum, produce the same interest as 6, 000 does in 5 years at 4 % simple interest ?
Solution
It is given that Rs 6000 with interest 4% per annum (SI) produces an interest in 5 years = $$\frac{P \times R \times T}{100}$$ = $$\frac{6000 \times 4 \times 5}{100}$$
= Rs 1200
Now the new principal amount is Rs 8000 and rate of interest is 3 % per annum. Let the time be T years in which same Rs 1200 will be generated as interest.
$$\frac{8000 \times 3 \times T}{100}$$ = 1200
T = 5 years
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