Mukund invests a sum of ₹5400 and Sachin invests a sum of ₹9400 at the same rate of simple interest per annum. If, at the end of 4 years, Sachin gets ₹960 more interest than Mukund, 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. 6.
Difference in principal = 9400 − 5400 = 4000
Extra interest = 960 =
⇒ 960 = 160R
⇒ R = 6%