Question : At what rate of interest will a sum of INR 4,500 amount to INR 6,525 at simple interest for 5 years?
Option 1: 10%
Option 2: 9%
Option 3: 8%
Option 4: 12%
Latest: SSC CGL preparation tips to crack the exam
Don't Miss: SSC CGL complete guide
New: Unlock 10% OFF on PTE Academic. Use Code: 'C360SPL10'
Correct Answer: 9%
Solution : Given: A sum of INR 4,500 amounts to INR 6,525 at simple interest for 5 years. Use the formulas, $SI=\frac{P\times R\times T}{100}$, $A= SI +P$ where $SI$, $P$, $R$, $A$, and $T$ are the simple interest, principal, rate, amount, and time. The simple interest for 5 years $=SI = 6525–4500=$ INR 2025. The simple interest for 1 year $\frac{2025}{5}=$ INR 405. According to the question, $405=\frac{4500\times R\times 1}{100}$ ⇒ $ R=\frac{405\times 100}{4500}=9$% Hence, the correct answer is 9%.
Candidates can download this ebook to know all about SSC CGL.
Answer Key | Eligibility | Application | Selection Process | Preparation Tips | Result | Admit Card
Question : At simple interest, a sum of INR 6,400 becomes INR 8,320 in 3 years. What will INR 7,200 become in 5 years at the same rate?
Question : The simple interest on a certain sum for 3 years at 14% p.a. is INR 4,200 less than the simple interest on the same sum for 5 years at the same rate. Find the sum.
Question : At what rate percent per annum will a sum of INR 15, 625 amount to INR 21, 952 in three years, if the interest is compounded annually?
Question : What will be the simple interest on a sum of INR 12,000 at the rate of 15 percent per annum for three years?
Question : A sum of INR 10,500 amounts to INR 13,650 in 2 years at a certain rate percent per annum simple interest. The same sum will amount to what in 1 year at the same rate if the interest is compounded half yearly (nearest to INR 1 )?
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile