Question : A sum of Rs. 14500 will become Rs. 16675 in 36 months at some rate of simple interest. What is the rate of interest per annum?
Option 1: 6% per annum
Option 2: 5% per annum
Option 3: 4% per annum
Option 4: 7% per annum
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Correct Answer: 5% per annum
Solution : Given, Amount = Rs. 16675, Principal = Rs. 14500, time = 36 months = 3 years Let the rate be $r$. Simple interest = Amount – Principal = Rs. 16675 - Rs. 14500 We know, Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$ ⇒ $2175=\frac{14500\times r\times3}{100}$ ⇒ $r=\frac{2175}{145\times3}$ ⇒ $r = 5$% Hence, the correct answer is 5% per annum.
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