Amal Roy deposits ₹2000 in the bank and Poshupoti Ghosh deposits ₹2000 in the post office at the same time. After 3 yrs. they get the return amounts ₹2360 and ₹2480 respectively. Let us write by calculating, the ratio of the rate of simple interest in percent per annum in the bank and that of in the post office.
Case 1:
Interest = Amount – Principal
⇒ Interest = 2360 – 2000 = Rs. 360
P = Rs. 2000, R = ?, t = 3, I = Rs. 360
As we know,
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⇒ R = 6
Case 2:
Interest = Amount – Principal
⇒ Interest = 2480 – 2000 = Rs. 480
As we know,
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⇒ r = 8
Hence, the ratio of the rate of simple interest per annum in bank to the post office
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