Find the rate of interest at which Rs. 270000 will amount to Rs. 4,28750 in 3 years?
A-2 2/3%
B-16 2/3%
C-7%
D-3 1/2%
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Step-by-step explanation:
Principal (P) = ₹ 3,750
Amount (A) = ₹ 4,650
∴ S.I. = A – P = ₹4,650 – 3,750
= ₹900
Time (T) = 4 years.
∴ Rate = S.I. × 100/P × T = (900 × 100)/(3750 × 4)
= 6 % p.a.
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