Multiple choice

Priya and Radha deposited same amount of money in two different banks at simple interest. After 2 years, the interest received by Radha was Rs. 72 more than Priya. Priya came to know that rate of interest that Radha got was 3% more than what she got. Find the sum of money they deposited.

  1. Rs. 1200

  2. Rs. 1300

  3. Rs. 1400

  4. Rs. 1500

  5. Rs. 1600
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A Correct answer
AI explanation

Let the principal be P and Priya's interest rate be R. Using the simple interest formula, Radha's interest is P times the quantity R plus 3 times 2 divided by 100, and Priya's interest is P times R times 2 divided by 100. The difference between their interests is P times 6 divided by 100, which is given as 72 rupees. Solving for P gives 72 times 100 divided by 6, resulting in a principal of Rs. 1200.

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