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If $120 invested at a certain rate of simple interest amounts to $140

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If $120 invested at a certain rate of simple interest amounts to $140  [#permalink]

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New post 23 Jul 2018, 20:45
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A
B
C
D
E

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Question Stats:

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If $120 invested at a certain rate of simple interest amounts to $140  [#permalink]

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New post 23 Jul 2018, 21:02
1
Bunuel wrote:
If $120 invested at a certain rate of simple interest amounts to $140 at the end of 3 years, how much will $150 amount to at the same rate of interest in 6 years?

A. $180
B. $190
C. $200
D. $210
E. $240


Given:
A1 = 140
P1 = 120
T1 = 3yrs
Interest earned = 140-120 = 20

S.I = (PTR)/100
20 = (120*3*R)/100
R = 5.5%

P2 = 150
T2 = 6yrs
R = 5.5%
S.I = (PTR)/100
= (150*6*5.5)/100
=50
Amount = P+SI = 150+50 = 200

Hence C
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Re: If $120 invested at a certain rate of simple interest amounts to $140  [#permalink]

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New post 23 Jul 2018, 21:16
Simple interest = PRT/100
Here, 20 = (120*R*3)/100
Therefore, R = 200/(12*3)

Again, SI = [150*6*200/(12*3)]100
= 50

Amount = 200

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Re: If $120 invested at a certain rate of simple interest amounts to $140  [#permalink]

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New post 23 Jul 2018, 21:33
Bunuel wrote:
If $120 invested at a certain rate of simple interest amounts to $140 at the end of 3 years, how much will $150 amount to at the same rate of interest in 6 years?

A. $180
B. $190
C. $200
D. $210
E. $240


\(SI=\frac{PRT}{100}\)...
SI is simple interest in $
P is principal in $
R is rate of interest in %
T is time in years
\(140-120=\frac{120*R*3}{100}..........R=\frac{20*100}{120*3}=\frac{50}{9}\)...
now for the second case
\(SI=\frac{PRT}{100}=\frac{150*50*6}{100*9}=5*5*2=50\)...
so amount at the end of six years = 150+50=200

C
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Re: If $120 invested at a certain rate of simple interest amounts to $140  [#permalink]

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New post 23 Jul 2018, 21:35
OA:C

For Simple Interest
Interest = P(Principal)*r(Rate)*t(Time)
\(140-120 =120*r*3\)
\(r= \frac{20}{360}\)

When Principal = \(150\) Dollar, Same Rate and Time = \(6\) years
Interest \(= 150 *\frac{20}{360} * 6 = 50\)

Final amount after \(6\) years \(= 150+ 50 = 200 Dollars\)
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Re: If $120 invested at a certain rate of simple interest amounts to $140  [#permalink]

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New post 10 Jan 2020, 03:08
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Re: If $120 invested at a certain rate of simple interest amounts to $140   [#permalink] 10 Jan 2020, 03:08
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