If Rs.750 at a fixed rate of simple interest amounts to 1000 in 5 years, then how much will it become in 10 years at the same rate of simple interest?
- Rs.2050
- Rs.2000
- Rs.1250
- Rs.1520
Answer (Detailed Solution Below)
Option 3 : Rs.1250
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100 Questions 200 Marks 60 Mins
Given:
Principal = 750, Time = 5 year, Amount = 1000
Formula Used:
Simple interest = (Principal × Time × Rate)/100
Calculation:
We know that,
Simple interest = Amount - Principal
⇒ 1000 - 750
⇒ Simple interest = 250
According to question,
⇒ 250 = ( 750 × 5 × rate)/100
⇒ {(250 × 100)/(750× 5)}
Rate = (20/3)%
After that,
It become in 10 years at the same rate of simple interest
Principal = 750, rate = (20/3)%, time = 10 yrs
Simple interest = {(750 × 10 × 20)/ (3 × 100)}
⇒ Simple interest = 500
Then total amount = 500 + 750 = 1250
∴ 10 year later total amount is 1250
Simple interest = amount - principal
⇒ 1000 - 750 = 250
5 years of simple interest is 250
We know that simple interest pays equal interest in every year
⇒ 5yrs = 250
⇒ 1 year = 50
⇒ 10 years = 500
Then total amount = 500 + 750
∴ Total amount = 1250
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0 vote
Asked on 2021-07-06 18:17:56 by Guest | Votes 0 | Views: 351 | Tags: quantitative aptitude | simple interest | Add Bounty
At what rate percent on simple interest will Rs.750 amount to Rs.900 in 5 years?
A). 5%
B). 3 1/2%
C). 4%
D). 5 1/2 %
1 answers
0 vote
Answered by Guest on 2021-07-11 20:25:24 | Votes 0 | #
4%
150 = (750*5*R)/100
R = 4%
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