On a deposit of ₹1,50,000, R gets ₹2,000 as interest on simple rate of interest in a year. How much amount (in ₹) should he deposit to get interest of ₹4,500?

Question

Question

This question was previously asked in

SSC Selection Post 2024 (Matriculation Level) Official Paper (Held On: 21 Jun, 2024 Shift 1)

Answer 1

Given:

Principal Amount (P) = ₹1,50,000

Interest (I) = ₹2,000

Time (T) = 1 year

Formula Used:

Simple Interest, I = \(\frac{P × R × T}{100}\)

Calculation:

Using the given data to find the rate of interest (R):

⇒ \(2,000 = \frac{1,50,000 × R × 1}{100}\)

⇒ 2,000 = 1,500 × R

⇒ \(R = \frac{2,000}{1,500}\)

⇒ \(R = \frac{4}{3}\)%

Now, we need to find the principal amount (P_new) to get an interest of ₹4,500:

Interest (I_new) = ₹4,500

⇒ \(4,500 = \frac{Pnew × \frac{4}{3} × 1}{100}\)

⇒ \(4,500 = \frac{4}{300} × Pnew \)

⇒ \(4,500 = \frac{2}{150} × Pnew \)

⇒ \(4,500 = \frac{Pnew}{75}\)

⇒ P_new = 4,500 × 75

⇒ P_new = 3,37,500

The amount he should deposit to get interest of ₹4,500 is ₹3,37,500.