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?

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SSC Selection Post 2024 (Matriculation Level) Official Paper (Held On: 21 Jun, 2024 Shift 1)
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  1. 3,77,500
  2. 2,77,500
  3. 4,25,500
  4. 3,37,500

Answer (Detailed Solution Below)

Option 4 : 3,37,500
Free
English Language (Matric Level) Sectional Test - 01
25 Qs. 50 Marks 12 Mins

Detailed Solution

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Given:

Principal Amount (P) = ₹1,50,000

Interest (I) = ₹2,000

Time (T) = 1 year

Formula Used:

Simple Interest, I = 

Calculation:

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

⇒ 

⇒ 2,000 = 1,500 × R

⇒ 

⇒ %

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

Interest (Inew) = ₹4,500

⇒ 

⇒ 

⇒ 

⇒ 

⇒ Pnew = 4,500 × 75

⇒ Pnew = 3,37,500

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

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