Question
Download Solution PDFRakesh invests a sum of ₹5,000 and Shivam invests a sum of ₹9,000 at the same rate of simple interest per annum. If, at the end of 3 years, Shivam gets ₹360 more interest than Rakesh, then find the rate of interest per annum (in percentage).
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal invested by Rakesh (PR) = ₹5,000
Principal invested by Shivam (PS) = ₹9,000
Time (t) = 3 years
Difference in interest = ₹360
Formula used:
Simple Interest (SI) = P × r × t / 100
Difference in interest = SIS - SIR
Calculations:
SIS = PR × r × t / 100
SIR = PS × r × t / 100
Difference in interest = ₹360
⇒ (PS × r × t) / 100 - (PR × r × t) / 100 = ₹360
⇒ r × t × (PS - PR) / 100 = ₹360
⇒ r × 3 × (₹9,000 - ₹5,000) / 100 = ₹360
⇒ r × 3 × ₹4,000 / 100 = ₹360
⇒ r × ₹12,000 / 100 = ₹360
⇒ r × ₹120 = ₹360
⇒ r = ₹360 / ₹120
⇒ r = 3%
∴ The rate of interest per annum is 3%, and the correct answer is option (2).
Last updated on Jul 22, 2025
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