Question
Download Solution PDFA sum of Rs. 2600 is invested in a scheme of simple interest. It becomes Rs. 3320 in 3 years. How much this sum will become in 5 years?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal = Rs. 2600
Time = 3 years
Amount = Rs. 3320
Formula:
Simple interest = PRT/100
Here, P is the Principal, R is the rate of interest and T is time in years
Calculation:
Simple interest = Amount - Principal
Simple interest for 3 years = 3320 - 2600
⇒ 720
Simple interest for 1 year = 720 / 3
⇒ 240
Simple interest for 5 years = 5 × 240
⇒ 1200
The sum after 5 years will be:
⇒ 2600 (initial principal) + 1200 (5 years interest)
⇒ 3800.
The sum after 5 years will be 3800
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