Question
If Rs. 10,000 is invested at a simple interest rate of
8% per annum, it accrues Rs. 1,200 as interest over a period of 't' years. Given the same duration 't', what annual simple interest rate is required for an investment of Rs. 16,000 to generate Rs. 2,400 in interest?Solution
Simple interest = (principal X rate X time) ÷ 100
ATQ;
1,200 = (10,000 X 8 X t) ÷ 100
Or, 't' = (1,200/800)
Or, 't' = 1.5
Let the required rate of interest be 'R%' p.a.
So, 2,400 = 16,000 X 1.5 X R ÷ 100
Or, 240R = 2,400
Or, 'R' = 10
Therefore, required rate of interest = 10% p.a.
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