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A sum of Rs. 9000 brings simple interest of Rs. 2970 in three years. If the interest rate is increased by 2%, what will be the interest in three years on the same capital?1). Rs. 35202). Rs. 35103). Rs. 35404). Rs. 3550 |
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Answer» Given, P = Rs.9000, N = 3YEARS and SIMPLE INTEREST = Rs. 2970 Using simple interest formula, Let P = principle, N = time and R = rate percent per annum Simple interest = (P × N × R)/100 ⇒ 2970 = (9000 × 3 × R)/100 ⇒ 270 × R = 2970 ⇒ R = 11 Rate of interest = 11% Given, If the interest rate is INCREASED by 2%, then New interest rate = = 11 + 2 = 13% Using simple interest formula, Simple interest = (9000 × 3 × 13)/100 = 3510 ∴ the simple interest in three years on the same capital is Rs. 3510. |
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