Question : A certain sum of money lent at simple interest amounts to INR 1,200 in 2 years and INR 1,600 in 4 years. The rate percentage per annum is:
Option 1: 20%
Option 2: 30%
Option 3: 25%
Option 4: 16%
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Correct Answer: 25%
Solution : Interest for 2 years = Amount after 4 years - Amount after 2 years = 1600 - 1200 = INR 400 ⇒ Interest for 1 year = INR 200 Principal = Amount after 2 years - Interest for 2 years = 1200 - 400 = INR 800 Rate of interest = $\frac{200}{800}×100$% = 25% Hence, the correct answer is 25%.
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