Question

A sum of money amounts to Rs 141600 in 3 years and Rs 156000 in 5 years at simple interest.
What is the rate of interest per annum?

Answer 1

Answer:

%

B) 512%

C) 6%

D) 7%

Correct Answer:

C) 6%

Description for Correct answer:

P+Pr×3100=14160

P+P×5r400×3=14700

\left[ Rate\ of\ Int. = r + \frac{25}{100} r \right]

(By Ii) and (ii)

=> P+54(14160−P) = 14700

=> 4P + 70800 - 5P = 58800

=> P = 70800 - 58800 - 12000

Therefore, From equation (i),

12000+12000×r×3100 = 14160

=> 120×3×r=14160−12000=2160

=> r=2160120×3 = 6%

Part of solved Simple and compound interest questions and answers : >> Aptitude >> Simple and compound interest

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