New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    A certain amount of money at simple interest amounts to

    ₹1,404 in 2 years and to ₹1,560 in 5 years. What is the rate of simple interest per annum ?
    A 4% Correct Answer Incorrect Answer
    B 5% Correct Answer Incorrect Answer
    C 6% Correct Answer Incorrect Answer
    D 3% Correct Answer Incorrect Answer

    Solution

    Solution-

    simple interest amounts in 2 years=1404

    simple interest amounts in5 years=1560

    ATQ-

    2years=1404 … (1)

    5years=1560 … (2)

    Solving (2)-(1)

    3=156

    1=52

    For equation (2)

    Rate of interest in 5years= (52×5)/(1560-52×5)

    = (260/1300)×100

    =20%

    Rate of interest per annum=20/5=4%

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