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In 4 yr. ₹ 6000 amounts to ₹ 8000. In what time at the same rate, will ₹ 525 amount to ₹ 700 ?
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- 2 yr
- 3 yr
- 4 yr
- 5 yr
Correct Option: C
Amount = ₹ 8000
Time (T) = 4 yr; Principal (P) = ₹ 6000
Simple interest (SI) = (A - P)
= Amount - Principal
= 8000 - 6000 = ₹ 2000
Rate (R) = ?
According to the formula. SI = (P x R x T)/100
⇒ 2000 = (6000 x R x 4)
⇒ R = (6000 x 100)/(6000 x 4) = (25/3) %
Now, again Amount (A) = ₹ 700
Principle (P) = ₹ 525, Time (T) = ?
Rate (R) = 25/3%
Simple interest = A - P
⇒ 700 - 525 = ₹ 175
Using formula, SI = (P x R x T) / 100
⇒ 175 = [525 x (25/3) x T] / 100
⇒ T = (175 x 100 x 3) / (525 x 25)
= 4 yr
