3 Views

Question : A sum of Rs. 1500 amounts to Rs. 2175 in 3 years at simple interest. If the rate of interest is increased by 3%, then what will be the new amount?

Option 1: Rs. 2310

Option 2: Rs. 2050

Option 3: Rs. 2460

Option 4: Rs. 2250


Team Careers360 19th Jan, 2024
Answer (1)
Team Careers360 20th Jan, 2024

Correct Answer: Rs. 2310


Solution : The principal amount ($P$) is Rs. 1500, the time ($T$) is 3 years, and the simple interest
= Rs. 2175 – Rs. 1500 = Rs. 675
If the rate of interest is increased by 3%, extra interest in 3 years $=\frac{1500×3×3}{100}=135$
New amount = Rs. 2175 + Rs. 135 = Rs. 2310
Hence, the correct answer is Rs. 2310.

Know More About

Related Questions

TOEFL ® Registrations 2024
Apply
Accepted by more than 11,000 universities in over 150 countries worldwide
Manipal Online M.Com Admissions
Apply
Apply for Online M.Com from Manipal University
View All Application Forms

Download the Careers360 App on your Android phone

Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile

150M+ Students
30,000+ Colleges
500+ Exams
1500+ E-books