The simple interest on a certain sum of money at the rate of 8% p.a. for 9 years is ₹2,880. At what rate of interest can the same amount of interest can be received on the same sum for 12 years?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 6%.
SI =
⇒ 2880 =
⇒ P = 4000
SI in 12 years:
⇒ 2880 =
⇒ 12R = 72
⇒ R = 6%