Select the correct answerThe rate of simple interest per annum of bank being decreased from 5% to 3.5%, the annual income of a person from interest was less by Rs. 105. The sum deposited at the bank was?
Question
Select the correct answerThe rate of simple interest per annum of bank being decreased from 5% to 3.5%, the annual income of a person from interest was less by Rs. 105. The sum deposited at the bank was?
Solution
To solve this problem, we need to understand that the difference in interest rates is causing a difference in annual income.
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The difference in interest rates is 5% - 3.5% = 1.5% or 0.015 in decimal form.
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This 1.5% difference is causing a Rs. 105 difference in annual income.
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To find the sum deposited, we can set up the equation: 0.015 * X = 105, where X is the sum deposited.
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Solving for X, we get X = 105 / 0.015 = Rs. 7000.
So, the sum deposited at the bank was Rs. 7000.
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