In 9 years, if Rs. 350 amounts to Rs. 530, then in 2 years at the same rate %, what will it amount to?
Question
In 9 years, if Rs. 350 amounts to Rs. 530, then in 2 years at the same rate %, what will it amount to?
Solution
To solve this problem, we first need to find the rate of interest.
Step 1: Calculate the total interest earned in 9 years. The total interest earned in 9 years is Rs. 530 - Rs. 350 = Rs. 180.
Step 2: Calculate the annual interest rate. The annual interest rate is (Interest/Principal/Time)*100. So, the annual interest rate is (180/350/9)*100 = 5.71%.
Step 3: Calculate the amount after 2 years. The formula to calculate the amount after a certain period of time is Principal + (PrincipalRateTime)/100. So, the amount after 2 years will be Rs. 350 + (3505.712)/100 = Rs. 370.
Therefore, Rs. 350 will amount to Rs. 370 in 2 years at the same rate of interest.
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