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How much interest would a deposit of Rs.36000 earn in 3 years at the same rate of simple interest if a deposit of Rs.2000 earned Rs500 in 3 years?

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Rs.8000

Rs.8500

Rs.9000

Rs.9500

answer is C.

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Detailed Solution

It is given that the interest earned on a Rs.2000 deposit for three years

= R s 500.

∴ P = R s .2000 T = 3 y e a r s S . I = R s .500

We know that Simple Interest formula is given by,

S . I = P × R × T 100,

where

P

stands for principal,

R

for interest rate, and

T

for time.
Therefore, the rate of interest can be calculated as,

S . I = P × R × T 100 ⇒ 500 = 2000 × R × 3 100 ⇒ R = 500 20 × 3 ⇒ R = 253 %

Now, the interest earned on deposit of Rs.36000 for 3 years can be calculated as,

S . I = P × R × T 100 ⇒ S . I = 36000 × 253 × 3 100 ⇒ S . I = 360 × 25 ⇒ S . I = R s .9000

Hence, the interest earned on deposit of Rs.36000 for 3 years is

R s .9000.

Thus, option (3) is correct.

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