Question

Rs. 2000 amounts to Rs. 2480 in 4 years at a certain rate of simple interest. If the rate of interest is increased by 3%, then
the amount after 4 years would be?
Explain step by step​

Answer 1

Answer :-

Rs.2000

Step-by-step explanation :

P = initial amount = principal

R = rate of interest per cent per year  

T = time period in years = 8

SI = Simple interest in Rupees = 2000

SI = P×R×T/100

   = (P×R×8)/100

   = 8×P×R/100         ...(i)

For the new data,

let P1, R1 and T1 denote the principal, interest rate and time period, respectively.

ATQ,

P1 = 4P ....(four times the amount)

T1 = 2

R1 = R

SI = (4P*R*2)/100

    = 8*P*R/100 ....(ii)

From (i) and (ii), we can see that the simple interest earned in both the cases is the same.

=> SI for new data = Rs.2000

Simple interest earned on four times the amount at the same rate for 2 years is Rs.2000.

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