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Question

Amal Roy deposits ₹ 2000 in the bank and Pashupati Ghosh deposits ₹ 2000 in the post office at the same time. After 3 years: they get the return amounts ₹ 2360 and ₹ 2480 respectively. Let us write by calculating the ratio of the rate of simple interest in per cent per annum in the bank and that in the post office.

Simple Interest

December 27, 2023

Answer

In the case of Amal Roy :

Principal = ₹ 2000

Interest = ₹ (2360-2000) = ₹ 360

Time = 3 yrs

$\text { Rate }=\frac{\text { Interest } × 100}{\text { Principal } × \text { Time }} \\$

$\text { Rate }=\frac{360 × 100}{2000 × 3}=6$

In case of Pasupati Ghosh :

Principal = ₹ 2000

Interest = ₹ (2480-2000)= Rs 480

Time = 3 years

$\text { Rate }=\frac{\text { Interest } × 100}{\text { Principal } × \text { Time }} \\$

$=\frac{480 × 100}{2000 × 3}=8$

$\therefore$ Ratio of Rates = 6 : 8 = 3 : 4

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