Multiple choice

Nishit deposited a certain sum of money in the post office at 10% p.a. for 4 years and deposited an equal amount in a fixed deposit in the bank for 5.5 years at 11% p.a. If the difference in the interests from the two sources is Rs. 563.75, then find the sum deposited.

  1. Rs. 2250

  2. Rs. 2450

  3. Rs. 2550

  4. Rs. 2750
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Let the sum be P. Interest 1 = P * 0.10 * 4 = 0.4P. Interest 2 = P * 0.11 * 5.5 = 0.605P. Difference = 0.605P - 0.4P = 0.205P. 0.205P = 563.75. P = 563.75 / 0.205 = 2750.

AI explanation

Let the principal sum deposited in both places be P. The simple interest from the post office is (P * 10 * 4) / 100 = 0.4P, and the interest from the bank fixed deposit is (P * 11 * 5.5) / 100 = 0.605P. The difference is 0.605P - 0.4P = 0.205P, which is given as Rs. 563.75. Solving 0.205P = 563.75 gives P = Rs. 2750.

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