Question
Download Solution PDFVarun invests a sum of ₹5400 and Ashish invests a sum of ₹9400 at the same rate of simple interest per annum. If, at the end of 3 years, Ashish gets ₹960 more interest than Varun, then find the rate of interest per annum (in percentage).
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (PVarun) = ₹5400
Principal (PAshish) = ₹9400
Time (t) = 3 years
Difference in interest = ₹960
Formula used:
Simple Interest (SI) = \(\frac{P \times R \times T}{100}\)
Calculation:
Interest of Ashish - Interest of Varun = ₹960
⇒ \(\frac{9400 \times R \times 3}{100} - \frac{5400 \times R \times 3}{100} = 960\)
⇒ \(\frac{3R}{100} \times (9400 - 5400) = 960\)
⇒ \(\frac{3R}{100} \times 4000 = 960\)
⇒ \(12000R = 96000\)
⇒ \(R = \frac{96000}{12000}\)
⇒ R = 8%
∴ The correct answer is option (2).
Last updated on Jun 30, 2025
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