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A sum of Rs. 600 amounts to Rs. 720 in 4 years at Simple Interest. What will it amount to if the rate of interest is increased by 2%?
- a)Rs. 648
- b)Rs. 768
- c)Rs. 726
- d)Rs. 792
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
A sum of Rs. 600 amounts to Rs. 720 in 4 years at Simple Interest. Wha...
600 becomes 720 in 4 years SI —> SI per year = Rs. 30 and hence the SI rate is 5%.
At 7% rate of interest the value of 600 would become 768 in 4 years. (600 + 28% of 600)
At 7% rate of interest the value of 600 would become 768 in 4 years. (600 + 28% of 600)
Most Upvoted Answer
A sum of Rs. 600 amounts to Rs. 720 in 4 years at Simple Interest. Wha...
Given:
- Principal amount (P) = Rs. 600
- Amount after 4 years (A) = Rs. 720
To find:
- Amount after 4 years with an increased interest rate by 2%
Solution:
To solve this problem, we can use the formula for Simple Interest:
Simple Interest (SI) = (P * R * T) / 100
Where:
- P is the principal amount
- R is the rate of interest
- T is the time period in years
Finding the rate of interest:
We can find the rate of interest using the formula:
SI = A - P
Substituting the given values:
720 - 600 = (600 * R * 4) / 100
120 = 24R
R = 120 / 24
R = 5%
Calculating the new amount:
To find the amount after 4 years with an increased interest rate of 2%, we need to add 2% to the previous interest rate.
New Rate of Interest = 5% + 2% = 7%
Using the formula for Simple Interest:
SI = (P * R * T) / 100
Substituting the values:
SI = (600 * 7 * 4) / 100
SI = 168
New Amount = Principal + Simple Interest
New Amount = 600 + 168
New Amount = 768
Therefore, the amount after 4 years with an increased interest rate of 2% will be Rs. 768. Hence, option B is the correct answer.
- Principal amount (P) = Rs. 600
- Amount after 4 years (A) = Rs. 720
To find:
- Amount after 4 years with an increased interest rate by 2%
Solution:
To solve this problem, we can use the formula for Simple Interest:
Simple Interest (SI) = (P * R * T) / 100
Where:
- P is the principal amount
- R is the rate of interest
- T is the time period in years
Finding the rate of interest:
We can find the rate of interest using the formula:
SI = A - P
Substituting the given values:
720 - 600 = (600 * R * 4) / 100
120 = 24R
R = 120 / 24
R = 5%
Calculating the new amount:
To find the amount after 4 years with an increased interest rate of 2%, we need to add 2% to the previous interest rate.
New Rate of Interest = 5% + 2% = 7%
Using the formula for Simple Interest:
SI = (P * R * T) / 100
Substituting the values:
SI = (600 * 7 * 4) / 100
SI = 168
New Amount = Principal + Simple Interest
New Amount = 600 + 168
New Amount = 768
Therefore, the amount after 4 years with an increased interest rate of 2% will be Rs. 768. Hence, option B is the correct answer.
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A sum of Rs. 600 amounts to Rs. 720 in 4 years at Simple Interest. What will it amount to if the rate of interest is increased by 2%?a)Rs. 648b)Rs. 768c)Rs. 726d)Rs. 792Correct answer is option 'B'. Can you explain this answer?
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