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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