Question
Simple interest on a sum of Rs.5100 at some r% is for t
years is Rs.918. If r and t are integers and 1 < r < t, then find the minimum simple interest earned on Rs.2400 at (r + 3)% rate per annum for 6 years.Solution
Simple interest = sum * rate * time/100
918 = 5100 * r * t/100
r * t = 18 = 2 * 9 = 3 * 6
Now, 1 < r < t, and both r and t are integers.
So, minimum value of r = 2
Now, minimum simple interest earned on Rs.2400 at (r + 3)% rate per annum for 6 years
= 2400 * (r + 3) * 6/100
= 2400 * (2 + 3) * 6/100 = Rs.720
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