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AFCAT Model Paper 7

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Question : 43 of 100

Marks: +1, -0

Rs. 5000 amounts to Rs. 6920 in 4 years at a certain rate of interest. If the rate becomes 1.5 times to itself, the amount of the same principal in 5 years will be:

Rs. 6000
Rs. 7000
Rs. 8600
Rs. 9000

Solution:

Given:

Principal = Rs. 5000, Amount = Rs. 6920 in 4 years

New rate = 1.5 times

Formula Used:

S.I = \frac{PRT}{100}

Amount = Principla + Simple Interest

Calculatiuon:

According to the question

S.I. = Rs. (6920 - 5000) = Rs. 1920,

T = 4 years

R = \frac{S.I. \times 100}{P \times T}

By putting values, R

= \frac{48}{5}

% p.a.

⇒ New rate

= \left(1.5 \times \frac{48}{5}\right) = \frac{72}{5}

% p.a.

Now, P = Rs. 5000, R

= \frac{72}{5}

%, T = 5 years

⇒ S.I.

= \frac{P \times R \times T}{100}

⇒ By putting values, S.I. = Rs. 3600

∴ Amount = Rs. (5000 + 3600) = Rs.8600.

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