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    Question

    A person deposited a sum at simple interest. The amount

    after 5 years turned out to be (110/88) times of the amount he got in 3 years. Find the rate of interest.
    A 20% Correct Answer Incorrect Answer
    B 18% Correct Answer Incorrect Answer
    C 25% Correct Answer Incorrect Answer
    D 32% Correct Answer Incorrect Answer

    Solution

    ATQ,

    Let the rate of interest be ‘r%’ p.a.

    Let the amount after 3 years = Rs. ‘88x’

    Then, amount after 5 years = (110/88) × 88x = Rs. ‘110x’

    Interest in 2 years = 110x – 88x = Rs. ‘22x’

    Yearly interest = 22x / 2 = Rs. ‘11x’

    Principal = 88x – 11x × 3 = Rs. ‘55x’

    ATQ,

    55x × (r / 100) × 1 = 11x

    r = (11x × 100) / 55x = 20

    The rate of interest = r = 20%

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