Question 100
A sum of ₹10,500 amounts to ₹13,825 in $$3\frac{4}{5}$$ years at a certain rate per cent per annum simple interest. What will be the simple interest on the same sum for 5 years at double the earlier rate?
Solution
Interest = 13,825 - 10500 = Rs 3325
Interest = $$\frac{prt}{100}$$
3325 = $$\frac{10500 \times r \times 3\frac{4}{5}}{100}$$
3325 = $$\frac{105 \times r \times 19}{5}$$
r = 8.33%
Now,
r = 8.33 $$\times 2$$ = 16.66
t = 5 years
Interest = $$\frac{10500 \times 16.66 \times 5}{100}$$
= 8746.5 ~ Rs 8750
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