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Question 47
A certain principal amounts to Rs.15000 in 2.5 years and to Rs.16500 in 4 years at the same rate of interest. Find the rate of interest.
Solution
Amount becomes:
15000 in 2.5 years
16500 in 4 years
Simple interest for (4-2.5) years:
16500 - 15000
Therefore:
SI for 1.5 years = Rs. 1500
SI for 2.5 years:
1500/1.5 * 2.5
2500
Principal amount:
15000 - 2500
Rs. 12500
Rate of Interest:
2500 * 100 / 12500 * 2.5
250000 / 31250
R = 8%
D is correct choice.
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