Question : Directions: In 5 years, Rs. 5000 amounts to Rs.9000. In what time at the same rate will Rs.600 amount to Rs.900?
Option 1: 5 years
Option 2: 3 years
Option 3: 6 years
Option 4: 2 years
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Correct Answer: 3 years
Solution :
Given:
In 5 years, Rs.5000 amounts to Rs.9000.
We have,
Principal = 5000
Time = 5 yrs
Amount = 9000
Rate = ?
We know that,
Amount (A) = P + {(P × R × T)/100}
⇒ 9000 = 5000 + {(5000 × R × 5)/100}
⇒ 9000 – 5000 = (25000 × R)/100
⇒ 4000 = 250 × R
⇒ R = 4000/250
⇒ R = 16%
Now, new principal = 600
New amount = 900
Rate = 16%
A = P + {(P × R × T)/100}
⇒ 900 = 600 + {( 600 × 16 × T)/100}
⇒ 900 – 600 = (9600 × T)/100
⇒ 300 = 96 × T
⇒ T = 300/96
⇒ T = 3.125 ≈ 3 years
So, 600 will become 900 in 3 years. Hence, the second option is correct.
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