Question : A sum of Rs. 2,400 amounts to Rs. 3,264 in 4 years at a certain rate of simple interest. If the rate of interest is increased by 1%, the same sum at the same time would amount to:
Option 1: Rs. 3,288
Option 2: Rs. 3,312
Option 3: Rs. 3,340
Option 4: Rs. 3,360
Correct Answer: Rs. 3,360
Solution :
Given: Principal = Rs. 2400 and amount = Rs. 3264
We know, Rate of interest = $\frac{\text{Simple interest}\times 100}{\text{Principal} \times \text{Time}}$
Simple Interest, SI = Rs. 3264 – Rs. 2400 = Rs. 864
So, the rate = $\frac{\text{SI}\times 100}{\text{Principal} \times \text{Time}}$
⇒ Rate = $\frac{\text{864}\times 100}{\text{2400} \times \text{4}} = 9$% per annum
New Rate = 9% + 1% = 10% per annum
So, SI = $\frac{2400 \times 10\times 4}{100} = $ Rs. $960$
Amount = Rs. 2400 + Rs. 960 = Rs. 3,360
Hence, the correct answer is Rs. 3,360.
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