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      Question

      Rs. 6,500 becomes Rs. 8,190 in 3 years at simple interest.

      Determine the rate of interest per annum.
      A 18.25 Correct Answer Incorrect Answer
      B 5.25 Correct Answer Incorrect Answer
      C 8.67 Correct Answer Incorrect Answer
      D 10.25 Correct Answer Incorrect Answer

      Solution

      ATQ,

      Interest earned = 8,190 - 6,500 = Rs. 1,690

      Simple interest = Principal × rate × time ÷ 100

      So, 1,690 = 6,500 × rate × 3 ÷ 100

      Or, 1,690 = 195 × rate

      Or, rate = 8.67

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