Question

If Rs.3,750 amount to Rs.4,620 in 3 years at simple interest. Find the amount of Rs.7,500 in $5\frac{1}{2}$ years at the same rate of interest.

• A. Rs.$8,769$
• B. Rs.$10,690$
• C. Rs.$12,333$
• D. Rs.$15,559$

Answer 1

The correct option is B Rs.$10,690$

Simple Interest $I=\frac{PNR}{100}$
Given,
$AmountA=Rs4620$
$P=Rs3750$
$I=A-P=870$
$N=3years$
So, $870=\frac{3750\times 3\times R}{100}$
$\Rightarrow R=7\frac{11}{15}$ %
Now, for $P=Rs7500;N=\frac{11}{2}years;R=\frac{116}{15}$ %,
We have $I=\frac{7500\times \frac{11}{2}\times \frac{116}{15}}{100}=Rs3190$
So, $A=P+I=Rs7500+Rs3190=Rs10690$