Question
Download Solution PDFThe interest on a certain deposit at 4.5% p.a. is ₹135 in one year. How much will the additional interest in one year be on the same deposit at 5% p.a.?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Initial R = 4.5 %
Initial interest = Rs. 135
New R = 5%
Formula used:
Simple Interest = (Principle × Rate per annum ×Time)/100
Calculation:
Let deposit = Rs. a
⇒ 135 = (a x 4.5 x 1)/100
⇒ a = 3000
Now,
Simple interest on 5% = (3000 x 5 x 1)/100
⇒ 150
Additional interest = 150 - 135 = Rs. 15
∴ Additional interest in one year = Rs. 15
Shortcut Trick If 4.5 = 135
⇒ 1 = 30
⇒ 5 = 5 x 30 = 150
Additional interest = 150 - 135 = Rs.15
∴ Additional interest in one year is 15.
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