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
Principal = P
After 3 years of Simple interest (at Rate, R)
Amount = P + S = 10350
Simple Interest, S = \(\frac{1}{100}\) P × R × T = \(\frac{1}{100}\) 9000 × R × 3
⇒ R = 5%
After 3 years of Simple interest [at Rate, (R+2)% = 7%]
Simple Interest, S1 = \(\frac{1}{100}\) 9000 × R × 3 = \(\frac{1}{100}\) 9000×7×3 = 1890
Thus, the amount she would have got = P + S1 = 10890