Multiple choice

The simple interest on a sum of Rs. 4,800 for 4.5 years at a certain rate per annum is Rs. 1,684.80, What will be the amount of the same sum at the same rate for 6.67 years at simple interest?

  1. 7096

  2. 7087

  3. 7296

  4. 7298
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

First find the rate: SI = P×R×T gives 1684.80 = 4800×R×4.5, so R = 1684.80/(4800×4.5) = 7.816% p.a. For 6.67 years at the same rate: SI = 4800×0.07816×6.67 = Rs. 2496. Amount = Principal + SI = 4800 + 2496 = Rs. 7296.

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