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The simple interest on a certain principal at the rate of 9.5 percent per annum is Rs 950 for two years. How much will be the additional interest on the same amount for the same period at the rate of 10.5 percent per annum?
  • a)
    Rs 75
  • b)
    Rs 150
  • c)
    Rs 100
  • d)
    None of these
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
The simple interest on a certain principal at the rate of 9.5 percent...
S.I. = Rs 950, rate = 9.5%
time = 2 years
∴ sum =(950×100)/(9.5×2)=5000
If rate of interest is 10.5% then
Simple Interest=(5000×2×10.5)/100=Rs 1050
∴ additional interest due to change in rate of interest =Rs 100
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The simple interest on a certain principal at the rate of 9.5 percent per annum is Rs 950 for two years. How much will be the additional interest on the same amount for the same period at the rate of 10.5 percent per annum?a)Rs 75b)Rs 150c)Rs 100d)None of theseCorrect answer is option 'C'. Can you explain this answer?
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