Question : A certain sum amounts to INR 3,640 in 2 years and INR 4,060 in 8 years at simple interest. Find the approximate rate percentage per annum.
Option 1: 4%
Option 2: 2%
Option 3: 1%
Option 4: 3%
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Correct Answer: 2%
Solution :
Simple interest of 6 years
= Amount after 8 years – Amount after 2 years
= INR (4060 – 3640)
= INR 420
Interest in 1 year = $\frac{420}{6}$ = INR 70
Principal = Amount after 2 years – Interest in 2 years
= 3640 – 140
= INR 3500
Rate = $\frac{\text{Simple interest} \times 100}{\text{Principal} \times \text{Time}}$= $\frac{70 \times 100}{3500 \times 1}$ = 2%
Hence, the correct answer is 2%.
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