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?OptionsRs. 6,800Rs. 7,200Rs. 6,000Rs. 7,000
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?OptionsRs. 6,800Rs. 7,200Rs. 6,000Rs. 7,000
Solution
The difference in the interest rates is 5% - 3.5% = 1.5%.
The decrease in the annual income from interest is Rs. 105.
We know that Interest = Principal * Rate * Time.
In this case, the time is 1 year, the rate is 1.5% (or 0.015 as a decimal), and the interest is Rs. 105.
So, we can set up the equation as follows:
105 = Principal * 0.015 * 1
Solving for Principal, we get:
Principal = 105 / 0.015 = Rs. 7,000
So, the sum deposited at the bank was Rs. 7,000.
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