Question

A sum of money invested at 8% per annum for simple interest amounts to Rs 12122 in 2 years. What will it amounts to in 2 year 8 months at 9% rate of interest?

• A. $14050$
• B. $12958$
• C. $13256$
• D. $12220$

Answer 1

The correct option is B $12958$

$SI=\frac{P\times r\times t}{100}$

$12122=\frac{P\times 8\times 2}{100}$

$12122=\frac{P\times 116}{100}P=Rs.10,450$.

Now, for $t=2\frac{2}{3},r=9\%$

$SI=\frac{P\times r\times t}{100}$

$SI=\frac{10450\times 9\times \left(8/3\right)}{100}=2058$

Amount $P+SI=10450+2058=Rs.12,958$.