A sum of Rs. 10,000 amounts to Rs. 15,840 in 4 years at the rate of simple interest. What is the rate of interest?
1. 14%
2. 15%
3. 14.6%
4. 15.5%
1. 14%
2. 15%
3. 14.6%
4. 15.5%
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Correct Answer – Option 3 : 14.6%
Given:
Principle = 10,000 Rs.
Amount = 15,840 Rs.
Formula used:
Amount = Simple Interest + Principal
SI = (P x R x T)/100,
where P = Principal,
R = Rate of Interest,
T = Time Period of the Loan/deposit in years,
SI = Simple Interest
Calculations:
⇒ SI = 15,840 – 10,000
⇒ SI = 5840
⇒ 5840 = (1000 × 4 × r)/100
⇒ r = 14.6%
∴ The rate of interest is 14.6%.