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Rs 600 becomes Rs 1032 in 6 years at a certain simple rate of interest. If the value of rate percent is increased and difference between the value of new rate andold rate of interest is 3%, what amount will Rs 600 become in 5 years?
  • a)
    Rs 1020
  • b)
    Rs 1250
  • c)
    Rs 1050
  • d)
    Data inadequate
  • e)
    None of these
Correct answer is option 'C'. Can you explain this answer?
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Rs 600 becomes Rs 1032 in 6 years at a certain simple rate of interest...
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Rs 600 becomes Rs 1032 in 6 years at a certain simple rate of interest...
Given:
Principal amount (P) = Rs 600
Amount after 6 years (A) = Rs 1032

We need to find the amount after 5 years.

Let's assume the rate of interest for the first 6 years is R%. Therefore, using the formula for simple interest:

A = P + P*R*T/100

Substituting the given values:
1032 = 600 + 600*R*6/100
432 = 36R
R = 432/36
R = 12%

So, the rate of interest for the first 6 years is 12%.

Now, let's find the new rate of interest.

Let's assume the new rate of interest is (R+3)%. Therefore, the new rate of interest is 15%.

We need to find the amount after 5 years using this new rate of interest.

Using the formula for simple interest again:

A = P + P*R*T/100

Substituting the values:
A = 600 + 600*15*5/100
A = 600 + 450
A = 1050

Therefore, Rs 600 will become Rs 1050 in 5 years.

Hence, the correct answer is option C) Rs 1050.
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Rs 600 becomes Rs 1032 in 6 years at a certain simple rate of interest. If the value of rate percent is increased and difference between the value of new rate andold rate of interest is 3%, what amount will Rs 600 become in 5 years?a)Rs 1020b)Rs 1250c)Rs 1050d)Data inadequatee)None of theseCorrect answer is option 'C'. Can you explain this answer?
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