At a certain rate of simple interest Rs 4050 amounts to Rs 4576.50 in 2 years. At the same rate of simple interest, how much would Rs 1 lakh amount to in 3 years ?
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Answer:
It will be Rs. 119500 when Rs. 1 lakh are deposited with rate of interest as the previous for a period of 3 years.
Given principal amount is 4050 RS, number of years is 2 and the total amount is Rs. 4576.5.
Simple interest will be total amount - principal nt = 4576 - 4050 = 526.5 Rs.
We use the formula of Simple interest as SI =pnr/ 100.
Substituting the values we get,
4050r * 2 / 100 = 526.5
r = 6.5
Rate of interest = 6.5% p.a
Now we have to calculate the amount that will receive for the amount of 1 lakh using the same rate of interest and for a period of 3 years.
We calculate simple interest first,
SI = 10000 * 3 * 6.5 / 100
SI=19500 Rs.
Now the total amount will be, principal amount + Simple interest = 100000+ 19500 119500 Rs.
Step-by-step explanation:
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