Question 35

Rupa invested P in a scheme offering simple interest at the rate of 12% p.a. If the difference between the interest earned at the end of three years and that earned at the end of five years was 2880/-, what is the value of ‘P’ ?

Solution

Let the principal = Rs. $$P$$

$$S.I. = \frac{P \times R \times T}{100}$$

Acc. to ques,

=> $$(\frac{P \times 12 \times 5}{100}) - (\frac{P \times 12 \times 3}{100}) = 2880$$

=> $$\frac{60P}{100} - \frac{36P}{100} = 2880$$

=> $$24P = 2880 \times 100 = 288000$$

=> $$P = \frac{288000}{24} = 12,000$$

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