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Question 87
A sum amounts to ₹14,395.20 at 9.25 % p.a. simple interest in 5.4 years. What will be the simple interest on the same sum at 8.6 % p.a. in 4.5 years?
Solution
Sum of amount = 14395.2
Principle + interest = $$\frac{prt}{100} + p$$
14395.2 = $$p(1 + \frac{rt}{100})$$
14395.2 = $$p(1 + \frac{9.25 \times 5.4}{100})$$
14395.2 = $$ \frac{149.95p}{100}$$
p = $$\frac{1439520}{149.95}$$ = Rs.9600
Now,
r = 8.6%
t = 4.5 years
Simple interest = $$\frac{9600 \times 8.6 \times 4.5}{100} = 3715.2$$
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