Question : INR 2,500, when invested for 8 years at a given rate of simple interest per year, amounted to INR 3,725 on maturity. What was the rate of simple interest that was paid per annum?
Option 1: 6%
Option 2: 6.125%
Option 3: 6.25%
Option 4: 5.875%
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Correct Answer: 6.125%
Solution : Principal amount, $P$ = Rs. 2500 Final amount with interest = Rs. 3725 Time duration of investment, $T$ = 8 years Let the rate of interest be $R$%. We know that, Simple Interest = $\frac{P\times R\times T}{100}$ According to the simple interest formula, $\frac{2500\times R\times 8}{100}=3725-2500$ ⇒ $R=\frac{1225\times 100}{2500\times 8}$ ⇒ $R=6.125$% Hence, the correct answer is 6.125%.
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