Question

Question No. 4 of 10 1 Marks
A labor deposited Rs 1100 for 3 years at simple interest in a Gramin Bank. At the end
he received Rs 1298. He later find out, had he produced his income certificate proof
he would have got an extra 3% interest. What will the new rate of interest?​

Answer 1

The new rate of interest will be 9%.

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Let's understand a few concepts:

To calculate the simple interest we will use the following formula:

$\boxed{\bold{Simple \:Interest = \frac{Principal\times Rate \times Time }{100} }}$

To calculate the amount in simple interest we will use the following formula:

$\boxed{\bold{Amount = Principal + Simple\:Interest}}$

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Let's now solve the given problem:

The sum of money i.e., Principal = Rs. 1100

The amount received at the end of 3 years i.e., Amount = Rs. 1298

The no. of years i.e., Time = 3 years

Let the rate of interest be "R %".

By using the above two formulas of simple interest, we get,

$Amount - Principal = \frac{Principal \times Time \times Rate}{100}$

• on substituting the given values, we get

$\implies 1298 - 1100 = \frac{1100 \times 3 \times R}{100}$

$\implies 198 = \frac{1100 \times 3 \times R}{100}$

$\implies 198 =11 \times 3 \times R$

$\implies 198 =33 \times R$

$\implies R = \frac{198}{33}$

$\implies \bold{R = 6\%}$

Here we are given that the labour had later found that on presenting his income certificate proof he would have got an extra interest of 3%.

Therefore,

On considering the extra rate of interest, the new rate of interest now will be,

= $R\% + Extra\: Interest\:rate$

= $6\% + 3\%$

= $\bold{9\%}$

Thus, the new rate of interest will be 9%.

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Answer 2

Answer:

The new rate of interest is 9%

Step-by-step explanation:

Given that

principle (p)=

$rs \: 1100$

Time(t)=

$3years$

Amount=

$rs1298$

Let rate

$(R)=R\%$

We know that

$simple interest = \frac{principle \times time \times rate}{100 } \\ \\ amount = principle + simple \: interst \\ \\ amount - principle = simple \: interest \\ \\by \: substituting \: values \\ \\ 1298 - 1100 = \frac{1100 \times 3 \times R} {100} \\ \\ 198 = 33R \\ \\ R = \frac{198}{33} \\ \\ R = 6\%$

$new \: rate \: of \: interest \: = 6\% + 3\% \\ \\ R = 9\%$

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