Maths-
General
Easy

Question

If Rs. 4000 amounts to Rs. 4500 in 2 years, find how much would it amount in 5 years at the same rate of interest?

hintHint:

First find the rate of interest then find the total amount in 5 years.

The correct answer is: Rs 5250


    Complete step by step solution:
    Given that principal amount = Rs 4000
    Total amount after 2 years = Rs 4500
    We know the formula for total amount = A = P + SI…(i)
    where A is the total amount, P is the principal amount and SI is simple interest.
    Here we have P = 4000 and A = 4500
    On substituting in (i) we get SI = 4500 - 4000 = 500
    We calculate simple interest by the formula, S I equals fraction numerator P T F over denominator 100 end fraction
    where P is Principal amount, T is number of years and R is rate of interest
    Here, we have SI = 500,P = 4000 and T = 2 (given)
    So, we get 500 equals fraction numerator 4000 cross times 2 cross times R over denominator 100 end fraction
    On simplifications, we get 500 = 80R
    On dividing both the sides by 80, we get R = 6.25 straight percent sign
    To find the total amount in 5 years.
    We have S I equals fraction numerator P T R over denominator 100 end fraction equals fraction numerator 4000 cross times 5 cross times 6.25 over denominator 100 end fraction equals 1250
    On substituting the known values in (i), we get total amount in 5 years = A = P + SI = 4000 + 1250 = Rs 5250

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