Question
A sum of Rs. 6,000, earning simple interest at an annual
rate of 'r%' for 5 years, grows to Rs. 9,000. Calculate the total amount obtained if the same sum is invested at an annual interest rate of (r + 3)% over a period of 5 years.Solution
Simple interest received = A – P = (9000 – 6000) = Rs. 3000 ATQ; 6000 × (r/100) × 5 = 3000 Or, 300r = 3000 Or, r = 10 And, r + 3 = 13 So, required amount received = 6000 + {(6000 × 13 × 5)/100} = {6000 + 3900} = Rs. 9,900
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