Question
The interest on a certain deposit at 5% per annum is Rs. 101.20 in one year. How much will the additional interest in one year be on the same deposit at 6% per annum?
The interest on a certain deposit at 5% per annum is Rs. 101.20 in one year. How much will the additional interest in one year be on the same deposit at 6% per annum?
Answer: Option C
Was this answer helpful ?
Answer : Option C
Explanation :
---------------------------------------------------------------------------------
Solution 1
---------------------------------------------------------------------------------
$MF#%\text{Principal, P = }\dfrac{100 \times \text{SI}}{\text{RT}} = \dfrac{100 \times 101.20}{5 \times 1}= 20 \times 101.20 = \text{Rs. 2024}\\\\ \text{Simple Interest for Rs.2024 at 6% per annum for 1 year, SI = }\dfrac{2024 \times 6 \times 1}{100} = 121.44$MF#%
Additional Interest = Rs.121.44 - Rs.101.20 = Rs.20.24
---------------------------------------------------------------------------------
Solution 2
---------------------------------------------------------------------------------
$MF#%\text{Principal, P = }\dfrac{100 \times \text{SI}}{\text{RT}} = \dfrac{100 \times 101.20}{5 \times 1}= 20 \times 101.20 = \text{Rs. 2024}$MF#%
All parameters remains same except the increase in interest rate.
and additional Interest Rate = 6% - 5% = 1%
$MF#%\text{Hence, Additional Interest = Simple Interest for Rs.2024 at 1% per annum for 1 year}\\\\=\dfrac{2024 \times 1 \times 1}{100} = 20.24$MF#%
Was this answer helpful ?
More Questions on This Topic :
Latest Videos
Latest Test Papers
Submit Solution