Question : At simple interest, a sum of INR 6,400 becomes INR 8,320 in 3 years. What will INR 7,200 become in 5 years at the same rate?
Option 1: INR 10,200
Option 2: INR 10,600
Option 3: INR 10,800
Option 4: INR 10,400
Correct Answer: INR 10,800
Solution :
At simple interest, a sum of INR 6,400 becomes INR 8,320 in 3 years.
Simple interest = INR 8320 – INR 6,400 = INR 1,920
We know, Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
⇒ Rate $ = \frac{1920 \times 100}{6400 \times 3} = 10\%$
Simple Interest on INR 7,200 = $\frac{\text{Principal × Rate × Time}}{100}=\frac{7200×10×5}{100}$ = INR 3,600
$\therefore$ Amount = INR 7200 + INR 3600 = INR 10,800
Hence, the correct answer is INR 10,800.
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