Akshay invests a sum of ₹5400 and Atul invests a sum of ₹9400 at the same rate of simple interest per annum. If, at the end of 6 years, Atul gets ₹360 more interest than Akshay, then find the rate of interest per annum (in percentage).
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. 1.5
Difference in principal = 9400 − 5400 = 4000
Difference in SI for 6 years = (4000 × r × 6) ÷ 100 = 240r
Given, 240r = 360
r = 360 ÷ 240 = 1.5