A sum amounts to Rs. 6,050 in 2 years and to Rs. 6,655 in 3 years at a

1.	A sum amounts to Rs. 6,050 in 2 years and to Rs. 6,655 in 3 years at a certain rate percentage p.a. when the interest is compounded yearly. What is the simple interest on a sum of Rs. 6,000 at the same rate for 5\(\frac{3}{4}\) years?1. Rs. 3,4502. Rs. 3,1503. Rs. 3,3004. Rs. 3,200
Answer» Correct Answer - Option 1 : Rs. 3,450 Given: A sum amounts to Rs. 6,050 in 2 years and to Rs. 6,655 in 3 years at a certain rate percentage p.a. when the interest is compounded yearly. Formula: Let P = Principal, R = rate of interest and N = time period Simple interest = PNR/100 Compound interest = P(1 + R/100)ⁿ - P Calculation: Accordingly, 6050 = P(1 + R/100)² And, 6655 = P(1 + R/100)³ Dividing, (1 + R/100) = 6655/6050 ⇒ R/100 = 6655/6050 - 1 ⇒ R/100 = 605/6050 ⇒ R = 10% Simple interest on a sum of Rs. 6,000 at the same rate for 5\(\frac{3}{4}\) years = 6000 × 10/100 × 23/4 ⇒ Rs.3450 ∴ Required simple interest is Rs. 3450

A sum amounts to Rs. 6,050 in 2 years and to Rs. 6,655 in 3 years at a certain rate percentage p.a. when the interest is compounded yearly. What is the simple interest on a sum of Rs. 6,000 at the same rate for 5\(\frac{3}{4}\) years?1. Rs. 3,4502. Rs. 3,1503. Rs. 3,3004. Rs. 3,200

Answer» Correct Answer - Option 1 : Rs. 3,450

Given:

A sum amounts to Rs. 6,050 in 2 years and to Rs. 6,655 in 3 years at a certain rate percentage p.a. when the interest is compounded yearly.

Formula:

Let P = Principal, R = rate of interest and N = time period

Simple interest = PNR/100

Compound interest = P(1 + R/100)ⁿ - P

Calculation:

Accordingly,

6050 = P(1 + R/100)²

And, 6655 = P(1 + R/100)³

Dividing,

(1 + R/100) = 6655/6050

⇒ R/100 = 6655/6050 - 1

⇒ R/100 = 605/6050

⇒ R = 10%

Simple interest on a sum of Rs. 6,000 at the same rate for 5\(\frac{3}{4}\) years = 6000 × 10/100 × 23/4

⇒ Rs.3450

∴ Required simple interest is Rs. 3450

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