A sum of money amounts to Rs 141600 in 3 years and Rs 156000 in 5 years at simple interest.
What is the rate of interest per annum?
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A sum of money amounts to Rs 141600 in 3 years and Rs 156000 in 5 years at simple interest.
What is the rate of interest per annum?
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Answer:
%
B) 512%
C) 6%
D) 7%
Correct Answer:
C) 6%
Description for Correct answer:
P+Pr×3100=14160
P+P×5r400×3=14700
\left[ Rate\ of\ Int. = r + \frac{25}{100} r \right]
(By Ii) and (ii)
=> P+54(14160−P) = 14700
=> 4P + 70800 - 5P = 58800
=> P = 70800 - 58800 - 12000
Therefore, From equation (i),
12000+12000×r×3100 = 14160
=> 120×3×r=14160−12000=2160
=> r=2160120×3 = 6%
Part of solved Simple and compound interest questions and answers : >> Aptitude >> Simple and compound interest
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