6. A well-known company advertises Make Fixed Deposits of 50 lakhs with us
become crorepati in 5 years flat! If the company offers simple interest. then their rate of
interest is,
a) 15%
b) 20%
c) 255
d) 25%
Answers
SOLUTION
TO CHOOSE THE CORRECT OPTION
A well-known company advertises Make Fixed Deposits of 50 lakhs with us become crorepati in 5 years flat. If the company offers simple interest, then their rate of interest is
a) 15%
b) 20%
c) 25.5%
d) 25%
EVALUATION
Here it is given that a well-known company advertises Make Fixed Deposits of 50 lakhs with us become crorepati in 5 years flat.
Now the company offers simple interest
So
Principal = P = 50 lakh
Interest = I = 100 lakh - 50 lakh = 50 lakh
Rate of interest = R%
Time = T = 5 years
So by the given condition
So the required rate of interest = 20%
FINAL ANSWER
Hence the correct option is b) 20%
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