Question

    An investment becomes 175% of the principal in 60 months at

    simple interest rate of ‘r%’ p.a. Find the rate of interest ‘r’.
    A 18 Correct Answer Incorrect Answer
    B 13 Correct Answer Incorrect Answer
    C 15 Correct Answer Incorrect Answer
    D 28 Correct Answer Incorrect Answer

    Solution

    ATQ,

    Let the principal be Rs. ‘P’.

    ATQ,

    1.75P – P = (P × 60 × r)/(12 × 100)

    Or, 0.75P = Pr/20

    Or, r = 15.

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