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Question
If ₹ 3,750 amount to ₹ 4,620 in 3 years at simple interest. Find:
(i) the rate of interest
(ii) the amount of Rs. 7,500 in `5 1/2` years at the same rate of interest
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Solution
(i) A = Rs.4620
P = Rs.3750
I = A − P = Rs.4620 − Rs.3750 = Rs.870
T = 3 years
`"R"=(100xx"I")/("P"xx"T")=(100xx870)/(3750xx3)=(100xx290)/3750=(4xx29)/15`
`=116/15=7 11/15%`
(ii) P = Rs.7500
R = `116/15%`
T =`5 1/2` years = `11/2` years
Interest =`("P"xx"T"xx"R")/100`
= Rs.`(7500xx11xx116)/(2xx15xx100)=(250xx116xx11)/ 100`
= 10 × 29 × 11 = 290 × 11 = Rs.3190
Amount = Rs.7500 + 3190 = Rs.10,690
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