Question : A sum of Rs. 8,400 amounts to Rs. 11,046 at 8.75% p.a. simple interest in a certain time. What will be the simple interest (in Rs.) on a sum of Rs. 10,800 at the same rate for the same time?
Option 1: 3,402
Option 2: 3,204
Option 3: 3,024
Option 4: 3,420
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Correct Answer: 3,402
Solution :
Given that, a sum of Rs. 8,400 amounts to Rs. 11,046 at 8.75% p.a. simple interest in a certain time.
The simple interest for this period = Rs. 11,046 – Rs. 8,400 = Rs. 2,646
Since the rate and time are constant, the simple interest is directly proportional to the principal amount.
Therefore, the simple interest on a sum of Rs. 10,800 for the same time period = $\frac{ 10,800}{ 8,400}$ × 2,646 = Rs. 3,402
Hence, the answer is Rs. 3,402.
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