Question

Two equal amounts of money are deposited in two banks, each at 15% per annum, for 3 years and 5 years respectively. If the difference between their interests is 144, find the sum.

• A. 400
• B. 300
• C. 640
• D. 720

Answer 1

Answer:

C. 640

Sum= (Difference in Interests)/(Rate x Difference in period) x 100 = (144 x 100)/ (15x1.5)=640