📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    Question

    A sum increases by 60% in 10 years at a certain rate of

    simple interest per annum. By what percentage will the same sum increase in 6 years at the same rate of simple interest per annum?
    A 36% Correct Answer Incorrect Answer
    B 38% Correct Answer Incorrect Answer
    C 42% Correct Answer Incorrect Answer
    D 48% Correct Answer Incorrect Answer

    Solution

    Let the rate of interest and principal amount be R% and Rs. P respectively, According to the question, P+ (P x R x 10) ÷ 100 = 1.60 x P R = 6% Hence, the sum becomes after 6 years = P + (P x 6 x 6)/100 = Rs. 1.36P Thus, the sum becomes increases by = (1.36P-P) /P x 100% = 36%   By 36% the same sum will increase in 6 years at the same rate of simple interest per annum.

    Practice Next
    More Simple and compound interest Questions

    Relevant for Exams:

    ask-question