Question : A sum of Rs. 14500 will become Rs. 16675 in 36 months at some rate of simple interest. What is the rate of interest per annum?
Option 1: 6% per annum
Option 2: 5% per annum
Option 3: 4% per annum
Option 4: 7% per annum
Answer (1)
21st Jan, 2024
Correct Answer: 5% per annum
Solution :
Given,
Amount = Rs. 16675, Principal = Rs. 14500, time = 36 months = 3 years
Let the rate be
Simple interest = Amount – Principal = Rs. 16675 - Rs. 14500
We know, Simple interest =
⇒
⇒
⇒
Hence, the correct answer is 5% per annum.
Comments (0)
Related Questions
Know More about
Upcoming Exams
Exam Date:
2 Mar, 2025
- 20 Mar, 2025
Exam Date:
13 Apr, 2025
- 13 Apr, 2025
Exam Date:
13 Apr, 2025
- 13 Apr, 2025
Preliminary Exam
Exam Date:
25 May, 2025
- 25 May, 2025
