Question

A sum of 2,400 amounts to ₹3,264 in 3 years at a certain rate of simple interest. If the rate of interest is increased by 1%, the same sum at the same time. find the amount. and find the rate of interest.

Answer 1

Answer

Here , Principal = 2,400 and Amount = ₹3,264

S.I. = 3264 – 2400 = ₹ 864

Rate = S.I. × 100

________________

Principal × Time

Rate = 864 × 100

________________ = 9% per annum

2400 × 4

New rate = 10% per annum

∴ SI = 2400 × 10 × 4

_________________= ₹ 960

100

∴ Amount = Principal + SI = 2400 + 960 = 3360