Question : On simple interest, a sum of Rs. 640 becomes Rs. 832 in 2 years. What will Rs. 860 become in 4 years at the same rate of interest?
Option 1: Rs. 1,250
Option 2: Rs. 1,376
Option 3: Rs. 1,426
Option 4: Rs. 1,150
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Correct Answer: Rs. 1,376
Solution :
Principal = Rs. 640
Simple Interest = 832 – 640 = Rs. 192
Time = 2 years
Since simple interest = $\frac{\text{Principal × Time × Rate}}{100}$
⇒192 = $\frac{\text{640 × 2 × Rate}}{100}$
⇒ Rate = 15%
Now, for Rs. 860 as principal for 4 years
Simple interest = $\frac{860 × 4 × 15}{100}$
= Rs. 516
So, amount = 860 + 516 = Rs.1376
Hence, the correct answer is 1,376.
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