Question
Download Solution PDFAt simple interest a sum of Rs. 6,400 becomes Rs. 8,320 in 3 years. What will Rs. 7,200 become in 5 years at the same rate?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
On simple interest, a sum of Rs. 6400 becomes Rs. 8320 in 3 years.
Concept used:
S.I = (P × T × R)/100
P = Sum
T = Time
R = Rate
Calculation:
Interest for 3 years = 8320 - 6400
⇒ 1920
Let the interest be x%
Now,
1920 = (6400 × 3 × x)/100
⇒ 192x = 1920
⇒ x = 10
Now,
S.I = (P × T × R)/100
= (7200 × 5 × 10)/100
⇒ 3600
So, amount = 7200 + 3600
⇒ 10800
∴ The required answer is Rs. 10800.
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