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23 Feb 2025, 03:44
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Difficulty:
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Question Stats:
66% (02:17) correct
34%
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based on 99
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Mr. X deposited 5000 $ in a bank that offers 10% rate of interest per annum. After few years, post Mr. X investment, Mr. Y deposited the same amount in another bank that offers 16% rate of interest per annum. If their investment become equal after 8 years from the time when Mr. X did the investment. Find the time difference between Mr. X's and Mr. Y's investment.
A) 2 years
B) 3 years
C) 4 years
D) 5 years
E) 6 years
A) 2 years
B) 3 years
C) 4 years
D) 5 years
E) 6 years
23 Feb 2025, 08:07
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Peterparker2
Mr. X deposited 5000 $ in a bank that offers 10% rate of interest per annum. After few years, post Mr. X investment, Mr. Y deposited the same amount in another bank that offers 16% rate of interest per annum. If their investment become equal after 8 years from the time when Mr. X did the investment. Find the time difference between Mr. X's and Mr. Y's investment.
A) 2 years
B) 3 years
C) 4 years
D) 5 years
E) 6 years
In 8 years, $5000 at 10% rate of interest per annum will earn: \(5000*\frac{10}{100}*8\) = $4000 in interest.A) 2 years
B) 3 years
C) 4 years
D) 5 years
E) 6 years
Whereas, at 16% rate of interest per annum, earning $4000 as interest will take: \(5000*\frac{16}{100}*x=4000\) => x = 5 years.
Thus Mr. Y deposited $5000 after 3 years of Mr. X
Answer B.
23 Feb 2025, 09:39
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How are the interests equal? In the question it stated that the investments are equal. Doesn't it mean only principal values are equal?
Whereas, at 16% rate of interest per annum, earning $4000 as interest will take: \(5000*\frac{16}{100}*x=4000\) => x = 5 years.
Thus Mr. Y deposited $5000 after 3 years of Mr. X
Answer B.
Krunaal
Peterparker2
Mr. X deposited 5000 $ in a bank that offers 10% rate of interest per annum. After few years, post Mr. X investment, Mr. Y deposited the same amount in another bank that offers 16% rate of interest per annum. If their investment become equal after 8 years from the time when Mr. X did the investment. Find the time difference between Mr. X's and Mr. Y's investment.
A) 2 years
B) 3 years
C) 4 years
D) 5 years
E) 6 years
In 8 years, $5000 at 10% rate of interest per annum will earn: \(5000*\frac{10}{100}*8\) = $4000 in interest.A) 2 years
B) 3 years
C) 4 years
D) 5 years
E) 6 years
Whereas, at 16% rate of interest per annum, earning $4000 as interest will take: \(5000*\frac{16}{100}*x=4000\) => x = 5 years.
Thus Mr. Y deposited $5000 after 3 years of Mr. X
Answer B.
