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The simple interest on a certain principal at the rate of 9.5% pa is Rs 950 for 2 yrs. How much will be the additional interest on the same amount for the same period at the rate of 10.5% per annum?
  • a)
    Rs 75
  • b)
    Rs 100
  • c)
    Data inadequate
  • d)
    None of these
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
The simple interest on a certain principal at the rate of 9.5% pa is R...
Simple interest = PRT/100
950 = P x 9.5 x 2 /100
⇒ 19P = 95000
⇒ P = 95000/19 = 5000
New SI at the rate of 10.5% per annum
SI = PRT/100 = 5000 x 10.5 x2 /100 = 1050
Difference = 1050 - 950 = Rs 100
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Most Upvoted Answer
The simple interest on a certain principal at the rate of 9.5% pa is R...
Solution:

Given:
Principal amount = Rs 950
Rate of interest = 9.5% per annum
Time = 2 years

We need to find the additional interest on the same amount for the same period at the rate of 10.5% per annum.

Calculation:

To find the simple interest, we use the formula:

Simple Interest (SI) = (Principal * Rate * Time) / 100

Given that the simple interest for 2 years is Rs 950, we can substitute the values into the formula:

950 = (950 * 9.5 * 2) / 100

Simplifying this equation, we get:

950 = 19 * 950 / 100

950 * 100 = 19 * 950

95000 = 18050

From this equation, we can determine that the principal amount is not correct. Therefore, the given data is inadequate to solve the problem.

Hence, the answer is (c) Data inadequate.
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The simple interest on a certain principal at the rate of 9.5% pa is Rs 950 for 2 yrs. How much will be the additional interest on the same amount for the same period at the rate of 10.5% per annum?a)Rs 75b)Rs 100c)Data inadequated)None of theseCorrect answer is option 'B'. Can you explain this answer?
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