27 Views

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%


Team Careers360 11th Jan, 2024
Answer (1)
Team Careers360 14th Jan, 2024

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%.

SSC CGL Complete Guide

Candidates can download this ebook to know all about SSC CGL.

Download EBook

Know More About

Related Questions

TOEFL ® Registrations 2024
Apply
Accepted by more than 11,000 universities in over 150 countries worldwide
Manipal Online M.Com Admissions
Apply
Apply for Online M.Com from Manipal University
View All Application Forms

Download the Careers360 App on your Android phone

Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile

150M+ Students
30,000+ Colleges
500+ Exams
1500+ E-books