Tk. 6200 amounts to Tk. 9176 in 4 years at simple interest. If the interest rate is increased by 2% it would amount to how much?

Question: Tk. 6200 amounts to Tk. 9176 in 4 years at simple interest. If the interest rate is increased by 2% it would amount to how much?

Solution:
Principle = Tk. 6200
Amount = Tk. 9176
Time = 4 years
Rate = ?
Interest = Tk. 9176 - Tk. 6200 = Tk. 2976

We know,
I = Pnr
Or, r = I/Pn
Or, r = (2976 x 100)/(6200 x 4)
= 297600/24800
= 12%

Now, if the rate is increased by 2% then final rate = 14%

Then, Interest = (6200 × 14 × 4)/100 = Tk. 3472


New amount =Tk.(6200 + 3472) = TK.9672