Question : The rate of simple interest for which INR 9,000 will amount to INR 10,200 in 4 years is:
Option 1: $4\frac{2}{3}\%$
Option 2: $7\frac{1}{3}\%$
Option 3: $5\frac{1}{2}\%$
Option 4: $3\frac{1}{3}\%$
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Correct Answer: $3\frac{1}{3}\%$
Solution :
Simple interest = 10,200 – 9,000 = 1,200
Simple Interest $=\frac{\text{Principal×Rate×Time}}{100}$
⇒ $\text{Rate} = \frac{1200 \times 100}{4\times 9000}$
⇒ $\text{Rate} = \frac{120}{4\times 9}$
⇒ $\text{Rate} = \frac{10}{3}$
⇒ $\text{Rate} = 3\frac{1}{3}\%$
Hence, the correct answer is $3\frac{1}{3}\%$.
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