Question : The interest on a certain deposit at 4.5% p.a. is INR 135 in one year. How much will the additional interest in one year be on the same deposit at 5% p.a.?
Option 1: INR 16
Option 2: INR 15
Option 3: INR 14
Option 4: INR 18
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Correct Answer: INR 15
Solution :
Given: The interest on a certain deposit at 4.5% p.a. is INR 135 in one year.
Let the principle be $P$.
Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
$⇒135 = \frac{P × 4.5 × 1}{100}$
$⇒P = \frac{13500}{4.5} = 3000$
On the same principle at a 5% rate in 1 year,
Simple interest $=\frac{3000 × 5 × 1}{100} = 150$
So, the additional interest is 150 – 135 = INR 15
Hence, the correct answer is INR 15.
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