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Q.

Ram deposited Rs. 2500 at 18% per annum in a firm for 4 years. How much money should his friend Suresh deposit in another firm giving 15% per annum such that both received the same interest in same period.

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a

Rs. 3000

b

Rs. 3500

c

Rs. 2500

d

Rs. 2800

answer is A.

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Detailed Solution

$\frac{2500 \times 18 \times 4}{100} = \frac{x \times 15 \times 4}{100}$

$x = \frac{2500 \times 6}{5}$

$x = 3000$

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Ram deposited Rs. 2500 at 18% per annum in a firm for 4 years. How much money should his friend Suresh deposit in another firm giving 15% per annum such that both received the same interest in same period.