Multiple choice

If Rs. 450 amounts to Rs. 504 in 3 years, what will Rs. 615 amount to in 2½ years at the same rate of simple interest?

  1. Rs. 651.50

  2. Rs. 676.50

  3. Rs. 680.50

  4. Rs. 687.50
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Interest for 3 years = 504 - 450 = 54. Interest per year = 18. Rate = (18/450) * 100 = 4%. For 615 in 2.5 years at 4%, interest = 615 * 0.04 * 2.5 = 61.5. Amount = 615 + 61.5 = 676.5.

AI explanation

First, find the rate of interest using the simple interest formula: Interest = (Principal * Rate * Time) / 100. The interest earned is Rs. 504 - Rs. 450 = Rs. 54, so Rs. 54 = (450 * Rate * 3) / 100, which makes the Rate = 4%. Now, calculate the interest on Rs. 615 for 2.5 years at 4%: Interest = (615 * 4 * 2.5) / 100 = Rs. 61.50. Adding this interest to the principal gives the total amount: Rs. 615 + Rs. 61.50 = Rs. 676.50.

Keep practicing — related questions