Question
A certain sum of money amounts to ₹3360 at a rate of R%
per annum under simple interest after 5 years, and to ₹3480 at a rate of 15% per annum under simple interest after 3 years. Find the total amount that would be received on the same principal at a rate of (R + 4)% per annum under simple interest after 4 years.Solution
Let the principal = P
[P(1 + 5*R/100]/[P(1 + 15*3/100)] = 3360/3480 = 28/29
29(100 + 5R) = 28(100 + 45)
5R = 140 - 100
R = 8
Now, Amount received after four years = P{1 + 4*(8 + 4)/100}]/[P(1 + 5*8/100] * 3360
= 148*24 = ₹3552
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