Simple Interest Practice Test 3

Question : 34 of 40

Marks: +1, -0

A sum of Rs 700 becomes Rs 1,056 in 4 years at a certain rate of simple interest. If the rate of interest is increased by 5%, what amount will Rs 700 become in 4 years?

Rs 490
Rs 496
Rs 398
Rs 250
Rs 255

Validate

Solution:

SI = Rs (1,056 - 700) = Rs 356

\Rate ={100×SI}/{P×T}

={100×356}/{700×4}=89/7

New rate

=(89/7+5)%=124/7

So, new SI

=700×124/7×4×1/100=496

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