Question : A sum of Rs. 2,400 amounts to Rs. 3,264 in 4 years at a certain rate of simple interest. If the rate of interest is increased by 1%, the same sum at the same time would amount to:
Option 1: Rs. 3,288
Option 2: Rs. 3,312
Option 3: Rs. 3,340
Option 4: Rs. 3,360

Question

Question : A sum of Rs. 2,400 amounts to Rs. 3,264 in 4 years at a certain rate of simple interest. If the rate of interest is increased by 1%, the same sum at the same time would amount to:

Option 1: Rs. 3,288

Option 2: Rs. 3,312

Option 3: Rs. 3,340

Option 4: Rs. 3,360

Team Careers360 · Accepted Answer

Correct Answer: Rs. 3,360

Solution : Given: Principal = Rs. 2400 and amount = Rs. 3264
We know, Rate of interest = $\frac{ ext{Simple interest} imes 100}{ ext{Principal} imes ext{Time}}$
Simple Interest, SI = Rs. 3264 – Rs. 2400 = Rs. 864
So, the rate = $\frac{ ext{SI} imes 100}{ ext{Principal} imes ext{Time}}$
⇒ Rate = $\frac{ ext{864} imes 100}{ ext{2400} imes ext{4}} = 9$% per annum
New Rate = 9% + 1% = 10% per annum
So, SI = $\frac{2400 imes 10 imes 4}{100} = $ Rs. $960$
Amount = Rs. 2400 + Rs. 960 = Rs. 3,360
Hence, the correct answer is Rs. 3,360.

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Question : A sum of Rs. 2,400 amounts to Rs. 3,264 in 4 years at a certain rate of simple interest. If the rate of interest is increased by 1%, the same sum at the same time would amount to:Option 1: Rs. 3,288Option 2: Rs. 3,312Option 3: Rs. 3,340Option 4: Rs. 3,360

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Question : A sum of Rs. 2,400 amounts to Rs. 3,264 in 4 years at a certain rate of simple interest. If the rate of interest is increased by 1%, the same sum at the same time would amount to:
Option 1: Rs. 3,288
Option 2: Rs. 3,312
Option 3: Rs. 3,340
Option 4: Rs. 3,360