someone invested certain capital in a bank at 39/8% rate of simple interest per annum. But the rate increased to 41/8% to his increasing his yearly income by Rs 250. How much amount did he invest?2SEE ANSWERS
Question
someone invested certain capital in a bank at 39/8% rate of simple interest per annum. But the rate increased to 41/8% to his increasing his yearly income by Rs 250. How much amount did he invest?2SEE ANSWERS
Solution
The problem is about simple interest and the formula for simple interest is I = PRT, where I is the interest, P is the principal amount (the initial amount of money), R is the rate of interest, and T is the time.
Given that the increase in interest rate from 39/8% to 41/8% increases the yearly income by Rs 250, we can set up the equation as follows:
P * (41/8 - 39/8) = 250
Solving this equation will give us the principal amount (P), which is the amount he invested.
First, simplify the rate difference: (41/8 - 39/8) = 2/8 = 1/4 = 0.25
Then, rearrange the equation to solve for P: P = 250 / 0.25 = Rs 1000
So, he invested Rs 1000.
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