Simple Interest Practice Test 2

Question : 22 of 40

Marks: +1, -0

A sum invested at 5% simple interest p.a. grows to Rs. 504 in 4 years. The same amount at 10% simple interest p.a. in 2½ years will grow to:

Solution:

Here,

P+{P×5×4}/100=504

⇒{6P}/5=504

∴P={5×504}/6=420

Now,

I={420×10×5}/{10×2}=105

Hence, amount = 420 + 105 = Rs. 525

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