The rate of simple interest for which ₹9,000 will amount to ₹10,200 in 4 years is:
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. %.
According to the given question,
Simple Interest, SI = 10200 - 9000 = 1200
Let the rate of interest be R.
SI = PRT/100
where P is principal, R is rate and T is time.
⇒ (9000 × R × 4)/100= 1200
⇒ R = 30000/9000
⇒ R = %