Question
Download Solution PDFSimple interest on a certain sum is one-fourth of the sum and the interest rate per annum is four times the number of years. If the rate of interest increases by 2%, then how much will the simple interest (in ₹) be on ₹3,600 for 6 years?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Simple interest (S.I) = (1/4) × Principal (P)
Rate (R) = 4 × Time (T)
Formula used:
S.I = (P × R × T)/100
Calculation:
S.I = (P × R × T)/100
⇒ (1/4) × P = (P × 4 × T × T)/100
⇒ T2 = 25/4
⇒ T = √(25/4) = 2.5 years
Rate = 2.5 × 4 = 10%
New rate = (10 + 2)% = 12%
Now,
S.I = (P × R × T)/100
⇒ (3600 × 12 × 6)/100
⇒ 36 × 12 × 6 = Rs.2592
∴ The correct answer is Rs.2592.
Last updated on May 28, 2025
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