New Click here to Enroll for SIDBI MSME Expert Classes by Experts

    Register

    Question

    On Rs. 6000 invested at a simple interest at the rate of

    4% p.a., Rs. 2400 is obtained as interest in certain years. In order to earn Rs. 4800 as interest on Rs. 10,000 in the same number of years, what should be the rate of simple interest?
    A 6% Correct Answer Incorrect Answer
    B 8.4% Correct Answer Incorrect Answer
    C 4.8% Correct Answer Incorrect Answer
    D 5% Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    S.I = (P ×R ×T)/100 2400 = (6000 × 4 × T)/100 T =240000/24000 T = 10 years Similarly, 4800 = (10000 × 10 × R )/100 R = 480000/100000 R = 4.8% per annum

    Practice Next

    Relevant for Exams: