Question
Download Solution PDFOn simple interest a sum of Rs. 640 becomes Rs. 832 in 2 years. What will Rs. 860 become in 4 years at the same rate of simple interest?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
On simple interest, a sum of Rs. 640 becomes Rs. 832 in 2 years.
Concept used:
S.I = (P × T × R)/100
P = Sum
T = Time
R = Rate
Calculation:
Interest for 2 years = 832 - 640
⇒ 192
Let the interest be x%
Now,
192 = (640 × 2 × x)/100
⇒ 64x = 192 × 5
⇒ x = 15
Now,
(860 × 4 × 15)/100
⇒ 860 × 3/5
⇒ 516
So, amount = 860 + 516
⇒ 1376
∴ The required answer is Rs. 1376.
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