Question : If the period increases by 5 years, then simple interest increases by Rs. 3600 on a sum of Rs. 6000. What is the annual rate of interest?
Option 1: 15 percent
Option 2: 12 percent
Option 3: 12.5 percent
Option 4: 10 percent
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Correct Answer: 12 percent
Solution : Let the rate be $R$. We know, Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$ $⇒ 3600 = \frac{6000 × R × 5}{100}$ $⇒ 3600 = 300 × R$ $\therefore R= 12\%$ Hence, the correct answer is 12 percent.
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