Discussion Forum

Raman invests a sum of Rs. 900 at 8%  simple interest and Gopi invests a sum of Rs. 1200 at $3\frac{1}{2}\%$ simple interest. After how much time will they both have equal amounts in their accounts ?

Answer:

Explanation:

Difference in interest for $1$ year $=\left(\frac{900\times 8\times 1}{100}\right)$ $-\left(\frac{1200\times 3\frac{1}{2}\times 1}{100}\right)$

= Rs. $30$

To cover a difference of $1200-900$ = Rs. $300$

Time investment $=\frac{300}{30}$ = 10 years