Question
Download Solution PDFRs. 6,000 is invested at 10% p.a. on simple interest. If that interest is added to the principal after every 20 years, the amount will become Rs. 28,000 after :-
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = Rs. 6,000
Rate of interest (R) = 10% p.a.
Final amount (A) = Rs. 28,000
Formula Used:
Simple Interest (SI) = (P × R × T) / 100
Amount (A) = Principal + Interest
Calculation:
Since the interest is added to the principal after every 20 years, we need to find the time (T) in years where the amount becomes Rs. 28,000.
First 20 years:
SI1 = (6000 × 10 × 20) / 100
⇒ SI1 = 12000
New Principal after 20 years = P + SI1
New Principal = 6000 + 12000 = 18000
SI2 = 28000 - 18000 = 10000
SI2 = (18000 × 10 × T)/100
⇒ 10000 = (18000 × 10 × T)/100
⇒ 10000/1800 = T
⇒ T = 5.55 years.
Total Time = 20 years + 5.55 years = 25.55 years
The correct answer is option 3.
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