Let the original rate be R%. Then, new rate = (2R)%.
Note:
Here, original rate is for 1 year(s); the new rate is for only 4 months i.e. ⅓ year(s).
∴ |
❨ |
725 x R x 1 |
❩ |
+ |
❨ |
362.50 x 2R x 1 |
❩ |
= 33.50 |
100 |
100 x 3 |
⟹ (2175 + 725) R = 33.50 x 100 x 3
⟹ (2175 + 725) R = 10050
⟹ (2900)R = 10050
∴ Original rate = 3.46%