What is the rate of interest per annum for simple interest at which ₹1,040 amounts to ₹1,230 in 1years?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. %.
Interest = Amount - Principal
⇒ 1230 - 1040 = 190
SI = PRT/100
where P is principal, R is rate and T is time.
According to the given question,
190 = 1040 × R × 1.5/100
⇒ R = 19000/1560
⇒ R = 475/39
⇒ R = %