A certain sum of money amounts to Rs. 600 in 2 year and Rs. 700 in 4 years at a
certain rate of simple interst. Find the rate
Question
A certain sum of money amounts to Rs. 600 in 2 year and Rs. 700 in 4 years at a
certain rate of simple interst. Find the rate of interest
1) 5%
2) 8%
37 10%
4) 16%
5) None
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2021-07-19T03:19:38+00:00
2021-07-19T03:19:38+00:00 1 Answers
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Answer:
the increase in amount from year 2 to year 4 is 100
So the simple interest must have been 100,
using the formula, R = SI x 100/ P x T
here time is 4 – 2 = 2 years and principal is 600
So, R = 100 x 100/ 600 x 2 = 50/6 % or 25/3 %