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At a simple interest, a sum amounts to RS. 1012 in 2 1/2 yr and becomes RS. 1067.20 in 4 yr. What is the rate of interest?

A) 2.50%
B) 3%
C) 4%
D) 5

Correct Answer:



C) 4%

Description for Correct answer:

Given, \( \Large T_{1} \) =\( \Large 2\frac{1}{2} \)yr, \( \Large T_{2} \) = 4 yr

According to the question,

\( \Large \left( P+ \frac {P\times R\times 4}{100}\right) \)-\( \Large \left(P+\frac{P\times R\times 2.5}{100}\right) =1067.20-1012=55.2\)

=> \( \Large \frac{1.5PR}{100} \)=55.2

=> PR=\( \Large \frac{552\times 100}{15} \)=3680

For 4yr,

SI=\( \Large \frac{PRT}{100}=\frac{3680\times 4}{100} \)=RS.147.2

Sum (P)=1067.2 - 147.2=RS.920

We have, PR = 3680

R = \( \Large \frac{3680}{P}=\frac{3680}{920} \) = 4%

Part of solved Simple and compound interest questions and answers : >> Aptitude >> Simple and compound interest

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