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Question 54
A sum of ₹8,400 amounts to ₹11,046 at 8.75% p.a. simple interest in certain time. What is the simple interest on the sum of ₹9,600 at the same rate for the same time?
Solution
Simple interest = $$\frac{prt}{100}$$
A sum of ₹8,400 amounts to ₹11,046 at 8.75% p.a.
So, interest = 11046 - 8400 = 2646
2646 = $$\frac{8400 \times 8.75 \times t}{100}$$
t = 2646/735 = 3.6 years
Interest when principle Rs. 9600 = $$\frac{9600 \times 8.75 \times 3.6}{100}$$ = Rs.3024
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