A sum of money put at 11%per annum simple interest amounts to 10370 rupees in 2 years . What will it amount to in 3 years at the same rate ?

Asked by pandeyaparna485 | 8th Aug, 2020, 07:45: PM

Expert Answer:

Let x be the principal.

Given: Amount = Rs. 10,370, Rate = 11% and Time = 2 years

Simple interest = Amount - Principal

Simple Interest = 10370-x

Simple interest =fraction numerator P cross times N cross times R over denominator 100 end fraction

10370 minus x equals fraction numerator x cross times 2 cross times 11 over denominator 100 end fraction
x equals 8500

Now we need to find what will it amount to in 3 years at the same rate

Now, Principal = Rs. 8500, Time = 3 years, Rate = 11%

S I equals fraction numerator P cross times N cross times R over denominator 100 end fraction equals fraction numerator 8500 cross times 11 cross times 3 over denominator 100 end fraction equals 2805

Amount = Principal +Interest

Amount =8500 +2805

Amount =11305

Hence  it amount to Rs.11305 in 3 years at the same rate

Answered by Renu Varma | 9th Aug, 2020, 04:50: PM

Queries asked on Sunday & after 7pm from Monday to Saturday will be answered after 12pm the next working day.