Question : A sum of Rs. 21850 amounts to Rs. 28623.50 in 5 years at the rate of simple interest. The rate percent is:
Option 1: 7.2% p.a.
Option 2: 4.8% p.a.
Option 3: 6.2% p.a.
Option 4: 6.8% p.a.
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Correct Answer: 6.2% p.a.
Solution : Given: Principal = Rs. 21850 Simple interest = Amount – Principal = Rs. 28623.50 – 21850 = 6773.5 Time = 5 years Rate = to find Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$ ⇒ $6773.5=\frac{21850 × \text{Rate} × 5}{100}$ ⇒ Rate = $\frac{6773.5\times100}{21850 \times 5}$ ⇒ Rate = $6.2$% Hence, the correct answer is 6.2% p.a.
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