Question 11

Simple interest on a sum of Rs 67400 for 14 months is Rs 4718. What is the rate (in percentage) of interest per annum?

Solution

Principal sum = Rs. 67,400 and simple interest = Rs. 4718

Let rate of interest = $$r\%$$ and time period = $$\frac{14}{12}=\frac{7}{6}$$ years

=> Simple interest = $$\frac{P\times R\times T}{100}$$

=> $$\frac{67,400\times r\times7}{6\times100}=4718$$

=> $$\frac{4718r}{6}=4718$$

=> $$r=6\%$$

=> Ans - (B)

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