Question : If Rs. 8,500 becomes Rs. 11,050 in 6 years at a certain rate of simple interest, and the rate then becomes 1.8 times higher, what will be the amount after 5 years on the same principal?
Option 1: Rs. 15,625
Option 2: Rs. 14,350
Option 3: Rs. 13,550
Option 4: Rs. 12,325
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Correct Answer: Rs. 12,325
Solution : Given: Principal amount = Rs. 8,500 Time = 6 years Simple interest = 11,050 – 8,500 = 2,550 Let the rate be $r$. Now, $\frac{\text{(Principal amount × Time × Rate)}}{100}=\text{Simple interest}=2550$ ⇒ $\frac{8500×6×r}{100}=2550$ ⇒ $r=\frac{2550}{85×6}$ $\therefore r=5$% Now if the rate becomes 1.8 times itself, the amount of the same principal in 5 years will be: $\frac{\text{(Principal amount × Time × Rate)}}{100}+8500$ = $\frac{8500×5×(5×1.8)}{100}+8500$ = $\frac{8500×5×9}{100}+8500$ = $3825+8500$ = $12325$ Hence, the correct answer is Rs. 12,325.
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