The simple interest on a certain sum of money at the rate of 5% per annum for 9 years is ₹1,260. At what rate of interest can the same amount of interest be received on the same sum after 6 years?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is Option 2 i.e. 7.5%.
SI =
⇒ 1260 =
⇒ P = 2800
Now,
⇒ 1260 =
⇒ R = 7.5%