If the amount obtained by Mahesh by investing Rs.1500 for 2.5 years at 8% p.a. is equal to the amount obtained by Suresh by investing a certain Sum for 2 years at 5% p.a. S.I., then the find the Sum invested by Suresh.
Question
If the amount obtained by Mahesh by investing Rs.1500 for 2.5 years at 8% p.a. is equal to the amount obtained by Suresh by investing a certain Sum for 2 years at 5% p.a. S.I., then the find the Sum invested by Suresh.
Solution
To solve this problem, we need to understand that the amount obtained by both Mahesh and Suresh is the same.
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First, let's calculate the amount obtained by Mahesh. He invested Rs.1500 for 2.5 years at 8% per annum simple interest. The formula for simple interest is PRT/100, where P is the principal amount, R is the rate of interest, and T is the time in years.
So, the interest obtained by Mahesh = (1500 * 8 * 2.5) / 100 = Rs. 300.
The total amount obtained by Mahesh = Principal + Interest = 1500 + 300 = Rs. 1800.
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Now, we know that Suresh also obtained the same amount, Rs. 1800, by investing a certain sum for 2 years at 5% per annum simple interest.
Let's denote the sum invested by Suresh as 'S'.
So, the total amount (Principal + Interest) = S + (S * 5 * 2) / 100 = 1800.
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Solving the above equation for 'S', we get:
S + 0.1S = 1800, 1.1S = 1800, S = 1800 / 1.1 = Rs. 1636.36.
So, the sum invested by Suresh is approximately Rs. 1636.36.
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