A simple interest earned when a sum of money is invested for 5 years at 15% per annum is ₹3600 more than the simple interest received if the same sum is deposited in a fixed deposit scheme for 3 years at 19% per annum. Find the amount if the same sum of money is invested for 3 years at 10%

Question

A simple interest earned when a sum of money is invested for 5 years at 15% per annum is ₹3600 more than the simple interest received if the same sum is deposited in a fixed deposit scheme for 3 years at 19% per annum. Find the amount if the same sum of money is invested for 3 years at 10% per annum.

Accepted Answer

₹26,000. Let the principal be $P$. Then SI for 5 years at 15% = $\frac{P\cdot15\cdot5}{100}=0.75P$, and SI for 3 years at 19% = $\frac{P\cdot19\cdot3}{100}=0.57P$. Their difference is $0.18P=3600$, so $P=20000$. The amount after 3 years at 10% simple interest is $20000+\frac{20000\cdot10\cdot3}{100}=26000$.

Solution

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