Question : If INR 72 amounts to INR 104.4 in 3 years, what will INR 120 amount to in 5 years at the same rate percent per annum?
Option 1: INR 450
Option 2: INR 330
Option 3: INR 210
Option 4: INR 215
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Correct Answer: INR 210
Solution :
Given: INR 72 amounts to INR 104.4 in 3 years.
Principal amount P
1
= INR 72, total amount A
1
= INR 104.4 and time T
1
= 3 years
Simple Interest = 104.4 – 72 = INR 32.4
Let the rate of interest be $R$.
Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
⇒ 32.4 = $\frac{72×R×3}{100}$
⇒ $R=\frac{32.4×100}{72×3}$
⇒ $R=15$%
P
2
= 120, T
2
= 5 years
Simple interest = $\frac{120×15×5}{100}=90$
⇒ Amount = 120 + 90 = INR 210
Hence, the correct answer is INR 210.
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