A sum of Rs. 8250 gives simple interest of Rs. 2475 in 5 years. What will be the rate of interest per annum?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 6%.
| Understanding/Application |
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Principal = Rs. 8250 Time period = 5 years Simple Interest = Rs. 2475 Let the rate of interest = R% |
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S.I. = PRT/100 2475 = (8250 × 5R)/100 247500/41250 = R R = 6% |