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
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.
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