A sum of ₹9000 amounts to ₹13356 at a certain rate percent per annum in $4\frac{2}{5}$years at simple interest. What will be the simple interest on the same sum at double the rate for $2\frac{1}{3}$years.
Answer & explanation
Correct answer: option 4
Simple Interest = 13356 - 9000 = 4356
Simple Interest = \(\frac{Principal ×Rate × Time }{100}\)
4356 = \(\frac{9000 ×Rate × 22 }{5×100}\)
Rate = 11%
Now ,
Double of rate = 2 × 11% = 22%
Simple interest = \(\frac{9000 × 7 × 22}{3×100}\)
= Rs. 4620