Question : A sum of Rs. 2600 is invested in a scheme of simple interest. It becomes Rs. 3320 in 3 years How much this sum will become in 5 years?
Option 1: Rs. 3800
Option 2: Rs. 4200
Option 3: Rs. 3600
Option 4: Rs. 4500
Correct Answer: Rs. 3800
Solution :
Given that, a sum of Rs. 2600 becomes Rs. 3320 in 3 years.
⇒ Interest for three years = 3320 − 2600 = Rs. 720
⇒ Interest for one year = Rs. 240
⇒ Interest for five years = 240 × 5 = Rs. 1200
Amount after five years = Rs. 2600 + Interest for five years = Rs. 2600 + Rs. 1200 = Rs. 3800
Hence, the correct answer is Rs. 3800.
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