Question : A man invested 25,400 on simple interest for 9 years to obtain a total amount of 67,790 on a certain annual rate of interest. What was the rate of interest (rounded off to 2 decimal places) to obtain the above amount?
Option 1: 14.58%
Option 2: 18.54%
Option 3: 18.45%
Option 4: 15.84%
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Correct Answer: 18.54%
Solution :
According to the question,
Principal = Rs. 25400
Amount = Rs. 67790
Time = 9 years
Simple Interest = 67790 – 25400 = Rs. 42390
We know, Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
$\therefore$ Rate = $\frac{42390\times 100}{25400 \times 9}$=18.54%
Hence, the correct answer is 18.54%.
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