Simple Interest Practice Test 1

Question : 27 of 40

Marks: +1, -0

A certain sum of money amounts to Rs 1,250 in 2 years and Rs 1350 in 4 years. Find the rate of interest.

Solution:

SI for 2 years = Rs (1,350 - 1,250) = Rs 100
∴ Principal = Rs (1,250 - 100) = Rs 1,150
Time = 2 years

∴SI={P×R×T}/100

100={1150×R×2}/100

10,000 = 2,300 × R

R = 4.35%

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