Question

A sum of 500 amounts to 660 in 4 years. What will it amount to if the rate of interest is increased by 1%​

Answer 1

Answer:

Amount = Rs. 680

Step-by-step explanation:

Interest = Amount - principle (sum)

= 660-500

Interest = 160

SI = ( PxRxT) / 100

R = (SI x 100) / P x T

R = 16000 / 2000

R = 8 %

If increased by 1 %

R = 9 %

SI = (500 x 9 x 4) / 100

SI = 180

New amount = sum + interest

= 500 + 180

= Rs. 680