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A simple interest when a sum of money is invested for 5 years at 15% per annum is Rs. 3600 more than the simple interest received if the same sum of money is deposited in a fixed deposit scheme for 3 years at 19% per annum. Find the amount, if the same sum of money is invested for 3 years at 10% per annum.

A simple interest when a sum of money is invested for 5 years at 15% per annum is Rs. 3600 more than the simple interest received if the same sum of money is deposited in a fixed deposit scheme for 3 years at 19% per annum. Find the amount, if the same sum of money is invested for 3 years at 10% per annum. Correct Answer Rs. 26,000

Given:

Simple interest is Rs. 3600 more when the sum of money is invested for 5 years at the rate of 15 % per annum

Formula used:

Simple interest = (Principal × Rate × Time)/100

Calculation:

Let the Principal is Rs. x

⇒ Simple interest = (x × 15 × 5)/100

⇒ 75x/100     ---(1)

⇒ Simple interest = (x × 19 × 3)/100

⇒ 57x/100     ---(2)

According to the question:

⇒ (75x/100) – (57x/100) = 3600

⇒ 18x/100 = 3600

⇒ x = Rs. 20,000

⇒ Simple interest for 3 years = (20,000 × 10 × 3)/100

⇒ Rs. 6000

⇒ Required amount = Rs. 20,000 + Rs. 6000

⇒ Rs. 26,000

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