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Question
At what rate percent of simple interest will the interest on Rs.3750 be one-fifth of itself in 4 years? To what will it amount in 15 years?
Solution
P = Rs.3750
I = Rs.`3750xx1/5` = Rs.750
T = 4 years
R =`(100xx"I")/("P"xx"T")`
`=(100xx750)/(3750xx4)`
= 5%
Again, P = Rs.3750
The interest of 4 years = Rs.750
The interest of 1 year = Rs.`750/4`
Interest of 15 years = Rs.`750/4xx15`
= Rs.`(750xx15)/4`
= Rs.`5625/2`
= Rs.2812.50
Amount in 15 years will be = Rs.3750 + Rs.2812.50
= Rs.6562.50
∴ Rate = 5%
The amount in 15 years will be = Rs.6562.50
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