A sum of Rs. 900 amounts to Rs. 950 in 3 years at simple interest. If the interest rate is increased by 4%, it would amount to how much?

Options
- Rs.1100.89
- Rs. 1059.30
- Rs. 1543.45
- Rs. 1098.68

CORRECT ANSWER : Rs. 1059.30

Discussion Board
Solution

Here sum is 900 that is
P = 900
Amount = 950
We know the formula A= P+SI
Now , SI = A-P
So , 950-900 = 50
SI = 50

SI = PRT / 100
50 = 900 x R x 3 / 100
R= 1.85%

Now R is increasing as 4%
So 1.85+4 = 5.85

Now finding SI using formula
We get (900×5.85×3)/100
=157.95


A = P+ SI

A = 900 + 157.95

Rs. 1057.95


Ganishka Harani 10-19-2024 01:55 AM

Kago's question

Kago has an opportunity to receive P15 000 three years from now. If he can earn 8% interest on his investments in the normal course of events, what is the most he should pay now for this opportunity? please assist to solve

Layla Sebego 11-5-2020 02:57 PM

Wrong Answer

Correct Solution:

50 = ( 900*3*r ) / 100
--> r = 50 / 27

[ 900*3*(r+4) ] / 100 = P
--> P = Rs. 1458

JethaLaL Gada 08-28-2020 02:56 PM

Business Finance

Kago has an opportunity to receive P15 000 three years from now. If he can earn 8% interest on his investments in the normal course of events, what is the most he should pay now for this opportunity? please assist to solve

Ketsile Gladys Mmolotsi 08-12-2019 02:41 AM

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