AFCAT Model Paper 5

Given:
Time = 15 years
Formula used:
SI=

(P×R×T)

100

Amount, (A) = P + SI
Where, SI, P, R and T are the Simple interest, Principal, Rate and Time respectively
Calculation:
Let P be the principal
SI = 2P – P = P
⇒P=

(P×R×T)

100

⇒P=

(P×R×15)

100

⇒R=

100

15

=

20

3

∴ The required rate is 6

2

3

%