Question

Simple interest on a certain sum of money for 3 years at 5% per annum is Rs 600. Find the amount due on this Sum at the same rate after 3 years, the interest being reckoned annually.

• A. Rs $4,530.50$
• B. Rs $4,660.50$
• C. Rs $4,730.50$
• D. Rs $4,630.50$

Answer 1

The correct option is D Rs $4,630.50$

$\Rightarrow$ Here, we have $T=3years,R=5\%$ and $S.I.=Rs.600$

$\Rightarrow$ $S.I.=\frac{P\times R\times T}{100}$

$\Rightarrow$ $600=\frac{P\times 5\times 3}{100}$

$\therefore$ $P=\frac{600\times 100}{5\times 3}=Rs.4000.$

$\Rightarrow$ Now, taking $P=Rs.4000,T=3years$ and $R=5\%$

$\Rightarrow$ $A=P(1+\frac{R}{100}{)}^T$

$\Rightarrow$ $A=4000\times (1+\frac{5}{100}{)}^3$

$\Rightarrow$ $A=4000\times (\frac{21}{20}{)}^3$

$\Rightarrow$ $A=\frac{4000\times 9261}{8000}=Rs.4,630.50$

$\therefore$ The required amount is $Rs.4,630.50$