Question
Rs. 3,000 becomes Rs. 4,200 in 10 years at simple interest
of r% p.a. If Rs. 6,000 is invested at 0.5r% p.a. for 6 years, what will be the interest amount?Solution
ATQ,
Interest earned in 10 years = 4200 β 3000 = Rs. 1,200
Simple interest = Sum invested Γ rate of interest Γ time period in years Γ· 100
So, 1200 = 3000 Γ r Γ 10 Γ· 100
Or, r = 1200 Γ· (10 Γ 30)
So, r = 4
So, new rate of interest = 0.5 Γ 4 = 2% p.a.
So, required interest = 6000 Γ 2 Γ 6 Γ· 100 = Rs. 720
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