Question : What is the rate of interest per annum for simple interest at which Rs. 880 amounts to Rs. 913 in $1 \frac{1}{2}$ years?
Option 1: $2 \frac{2}{3}$%
Option 2: $2 \frac{1}{4}$%
Option 3: $2 \frac{1}{2}$%
Option 4: $2 \frac{1}{3}$%
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Correct Answer: $2 \frac{1}{2}$%
Solution :
Given: Principal amount, $P$ = Rs. 880
Time, $t$ = 1.5 years
Simple interest = Rs. (913 – 880) = Rs. 33
Let the rate of interest be $r$% per annum.
Now, SI = $\frac{Prt}{100}$
⇒ 33 = $\frac{880\times r\times 1.5}{100}$
⇒ $r=\frac{33\times 100}{880\times 1.5}$
⇒ $r=2\frac{1}{2}$%
Hence, the correct answer is $2\frac{1}{2}$%.
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