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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