The interest on a certain deposit at 4.5% p.a. is Rs. 202.50 in one year. How much will the additional interest in one year be on the same deposit at 5% p.a. ?
Correct Answer: Rs. 22.5
Explanation:
We know that I = PTR/100
=> P = 20250/4.5 = 4500
Now, new Interest at 5% = 4500x1x5/100 = 225
Now the additional amount = 225 - 202.5 = Rs. 22.5
