Question : If a sum of money becomes INR 6,000 in 3 years and INR 10,500 in 7 years and 6 months at the same rate of simple interest, then what is the rate of interest?
Option 1:
Option 2:
Option 3:
Option 4:
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Correct Answer:
Solution :
Given:
A sum of money becomes INR 6,000 in 3 years and INR 10,500 in 7 years and 6 months at the same rate of simple interest.
The difference between the two sums is the interest earned for the period.
Interest earned for 4 years 6 months = 10500 – 6000 = INR 4,500
Interest earned for 1 year =
Interest earned for 3 years = 1000 × 3 = INR 3,000
Principal = Sum – Interest for 3 years
⇒ Principal = 6000 – 3000 = INR 3,000
Simple Interest
⇒
⇒ Rate
⇒ Rate
So, the rate of interest is
Hence, the correct answer is
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