Question
Download Solution PDFAn amount deposited at 5% simple interest becomes Rs. 1512 in 4 years. How much the same amount will become in \(2{1\over2}\) years at 10% simple interest per annum?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFFormula used:
Interest = (Principal × Rate × Time)/100
Calculation:
Principal = Total Amount/(1 + Rate × Time)
Principal = 1512/(1 + 0.05 × 4)
Principal = Rs. 1260
Now, we can find out how much this amount will become in
2.5 years at an annual interest rate of 10%:
Total Amount = Principal × (1 + Rate × Time)
Total Amount = 1260 × (1 + 0.10 * 2.5)
Total Amount = Rs. 1575
Therefore, the same amount will become Rs. 1575 in 2.5
years at a 10% simple interest rate per annum.
Last updated on Jun 12, 2025
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