Question

A sum of Rs 600 amounts to Rs 735 in 5 years at a certain rate of interests. if the rate of interest is increased by 2% what will be the amount?​

Answer 1

Answer:

Given:

P=Rs.600

SI=720−600=Rs.120

T=4 years.

Hence,

R=

PT

SI×100

=

600×4

120×100

=5%

Now rate is increased by 2%.

So new rate=7%

SI=

100

600×4×7

=Rs.168

Hence new amount=168+600=Rs.768