If ₹72 amounts to ₹104.4 in 3 years, what will ₹120 amount to in 5 years at the same rate percent per annum?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. ₹210
Given that
If ₹72 amounts to ₹104.4 in 3 years
Formula used
S.I. = PRT/100
where, P = sum, R = rate of interest, and T = time
Calculation
⇒ 3 year interest = 104.4 - 72 =₹ 32.4
⇒ 1 year interest = 32.4/3 = ₹10.8
⇒ 5 year interest = 10.8 × 5 = ₹ 54
Let the amount on the sum of 120 be P
⇒ (72 + 54)/72 = P/120
⇒ 7/4 = P/120
⇒ P = ₹ 210