Question 66

When two equal amounts are deposited for 5 years and 3 years at the rate of 7% and 9% per annum respectively, and the difference of their simple interest is Rs 475. Then find the deposited amount.

Solution

Simple interest = $$frac{prt}{100}$$

Difference of the interest = 475

$$\frac{p \times 7 \times 5}{100} - \frac{p \times 9 \times 3}{100} = 475

35p - 27p = 47500

p = 47500/8 = Rs. 5937.5

$$\therefore$$ Deposit amount will be Rs. 5937.5.

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