Two equal amounts of money are deposited in two banks, each at 15% per annum for 3 1/ 2 years and 5 years. If the difference between their interests is Rs. 144, each sum is?

Question

Accepted Answer

Let each sum be Rs. P.
Then, [(P x 15 x 5) / 100] - [(P x 15 x 7) / 100] x 2 = 144
⇒ 3P/4 -21P/40 = 144
⇒ 9P/40 = 144
∴ P = (144 x 40) / 9 =Rs. 640

Two equal amounts of money are deposited in two banks, each at 15% per annum for 3 1/ 2 years and 5 years. If the difference between their interests is Rs. 144, each sum is?

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