Question : The rate of Simple interest per annum of the bank decreased from 5% to $3\frac{1}{2}$% and the annual income of a person from interest was less by Rs. 105. The sum deposited at the bank was:
Option 1: Rs. 6,000
Option 2: Rs. 7,200
Option 3: Rs. 6,800
Option 4: Rs. 7,000
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Correct Answer: Rs. 7,000
Solution :
Given: The rate of Simple interest per annum of the bank decreased from 5% to $3\frac{1}{2}$% and the annual income of a person from interest was reduced by Rs. 105.
$3\frac{1}{2}$% = $\frac{7}{2}$%
Now, interest decreased = $(5-\frac{7}{2})=\frac{3}{2}$%
According to the question,
$\frac{3}{2}$% of the principal is equivalent to Rs. 105.
So, Principal is equivalent to $(105×\frac{2}{3}×100)$ = Rs. 7,000
Hence, the correct answer is Rs. 7,000.
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