Question
Download Solution PDFIf rate of interest reduces from 5% to 4%, a man gets Rs. 250 less as his yearly interest. What is the capital investment of the person ?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Rate of interest reduces from 5% to 4%
Yearly interest difference = ₹250
Formula used:
Yearly Interest = Principal × Rate × Time / 100
Calculation:
Let the capital investment (Principal) be ₹x.
Difference in interest: Interest at 5% - Interest at 4% = ₹250
⇒ x × 5 × 1 / 100 - x × 4 × 1 / 100 = 250
⇒ x × (5 - 4) / 100 = 250
⇒ x × 1 / 100 = 250
⇒ x = 250 × 100
⇒ x = ₹25,000
∴ The correct answer is option (2).
Last updated on Jun 21, 2023
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