A sum of Rs. 4200 becomes Rs. 5082 in 3 years rate simple interest. What is the rate of interest per annum?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. 7%.
| Understanding/Application |
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Principal = Rs. 4200 Amount = Rs. 5082 Time = 3 years Simple Interest = Amount - Principal = PRT/100 |
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ATQ - 5082 - 4200 = (4200 × R × 3)/100 88200 = 12600R R = 7% |