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Question 59
Ramesh invests Rs. 1400 in an account that earns simple interest. After 9 months, the balance is Rs. 1421. What is the annual interest rate?
Solution
Principal amount = Rs. 1400, time period = 9 months and interest = Rs. 21
Simple interest = $$\frac{P\times R\times T}{100}$$
=> $$\frac{1400\times r\times9}{12\times100}=21$$
=> $$r=\frac{21\times12}{126}=2%$$
=> Ans - (A)
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