Ankita deposited Rs. 9,000 on simple interest which amounted to Rs. 10,350 after 3 years. Had the interest rate been 2% more, how much would she have got?
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → Rs. 10,890
Simple interest grows by the same amount every year, so the extra 2% a year adds 2% of the principal for each of the 3 years.
Interest at the original rate: \(10350-9000=1350\)
Extra interest at 2% more: \(\displaystyle\frac{9000\times2\times3}{100}=540\)
New amount: \(10350+540=10890\)
So she would have got Rs. 10,890.