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 simple interest be received on the same sum in 6 years?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is Option 1 i.e. 12%.
SI =
⇒ 2880 =
⇒ P = 4000
Now,
Let the new rate be r
⇒ 2880 =
⇒ r = 12%