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₹3000 amounts to ₹4000 in 5 years at simple Interest, in What time will ₹1200 amount to ₹2400 at the same rate of interest?
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₹3000 amounts to ₹4000 in 5 years at simple Interest, in What time wil...
Understanding Simple Interest
Simple interest (SI) can be calculated using the formula:
SI = (Principal × Rate × Time) / 100
Where:
- Principal is the initial amount
- Rate is the interest rate per annum
- Time is the duration in years
Given Information
- Principal (P1) = ₹3000
- Amount (A1) after 5 years = ₹4000
- Time (T1) = 5 years
Calculating the Rate of Interest
1. Calculate the Simple Interest (SI1):
SI1 = A1 - P1 = ₹4000 - ₹3000 = ₹1000
2. Use the SI formula to find the Rate (R):
SI1 = (P1 × R × T1) / 100
₹1000 = (₹3000 × R × 5) / 100
Rearranging gives:
R = (1000 × 100) / (3000 × 5)
R = 6.67% per annum
Finding Time for ₹1200 to Amount to ₹2400
- New Principal (P2) = ₹1200
- New Amount (A2) = ₹2400
- SI for this case:
SI2 = A2 - P2 = ₹2400 - ₹1200 = ₹1200
Using the SI formula to find Time (T2)
1. Apply the SI formula:
SI2 = (P2 × R × T2) / 100
₹1200 = (₹1200 × 6.67 × T2) / 100
2. Rearranging gives:
T2 = (1200 × 100) / (1200 × 6.67)
T2 = 15 years
Final Answer
Therefore, ₹1200 will amount to ₹2400 in 15 years at the same rate of interest.
Simple interest (SI) can be calculated using the formula:
SI = (Principal × Rate × Time) / 100
Where:
- Principal is the initial amount
- Rate is the interest rate per annum
- Time is the duration in years
Given Information
- Principal (P1) = ₹3000
- Amount (A1) after 5 years = ₹4000
- Time (T1) = 5 years
Calculating the Rate of Interest
1. Calculate the Simple Interest (SI1):
SI1 = A1 - P1 = ₹4000 - ₹3000 = ₹1000
2. Use the SI formula to find the Rate (R):
SI1 = (P1 × R × T1) / 100
₹1000 = (₹3000 × R × 5) / 100
Rearranging gives:
R = (1000 × 100) / (3000 × 5)
R = 6.67% per annum
Finding Time for ₹1200 to Amount to ₹2400
- New Principal (P2) = ₹1200
- New Amount (A2) = ₹2400
- SI for this case:
SI2 = A2 - P2 = ₹2400 - ₹1200 = ₹1200
Using the SI formula to find Time (T2)
1. Apply the SI formula:
SI2 = (P2 × R × T2) / 100
₹1200 = (₹1200 × 6.67 × T2) / 100
2. Rearranging gives:
T2 = (1200 × 100) / (1200 × 6.67)
T2 = 15 years
Final Answer
Therefore, ₹1200 will amount to ₹2400 in 15 years at the same rate of interest.
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₹3000 amounts to ₹4000 in 5 years at simple Interest, in What time will ₹1200 amount to ₹2400 at the same rate of interest?
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₹3000 amounts to ₹4000 in 5 years at simple Interest, in What time will ₹1200 amount to ₹2400 at the same rate of interest? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about ₹3000 amounts to ₹4000 in 5 years at simple Interest, in What time will ₹1200 amount to ₹2400 at the same rate of interest? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for ₹3000 amounts to ₹4000 in 5 years at simple Interest, in What time will ₹1200 amount to ₹2400 at the same rate of interest?.
₹3000 amounts to ₹4000 in 5 years at simple Interest, in What time will ₹1200 amount to ₹2400 at the same rate of interest? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about ₹3000 amounts to ₹4000 in 5 years at simple Interest, in What time will ₹1200 amount to ₹2400 at the same rate of interest? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for ₹3000 amounts to ₹4000 in 5 years at simple Interest, in What time will ₹1200 amount to ₹2400 at the same rate of interest?.
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