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At simple interest a certain sum amounts to Rs12,000 in 5 years and to Rs18,000 in 8 years. What is the rate of simple interest
per annum on offer?
62.5%
150%
100%
12.5%
To solve this problem, let's consider the facts and calculations necessary:
- Principle Information:
- The sum amounts to Rs12,000 in 5 years and Rs18,000 in 8 years using simple interest.
- Simple Interest Formula:
- Simple Interest (SI) = Principal (P) × Rate (R) × Time (T) / 100
- Interest Over 3 Years:
- Difference in amount from year 5 to year 8 = Rs18,000 - Rs12,000 = Rs6,000
- This Rs6,000 is the interest for 3 years.
- Calculate Annual Interest:
- Annual interest = Rs6,000 / 3 = Rs2,000
- Determine Principal and Rate:
- Using the year 5 amount: Rs12,000 = P + 5 × (2,000)
- Principal (P) = Rs12,000 - Rs10,000 = Rs2,000
- Calculate Rate:
- Since Rs2,000 earns Rs2,000 annually, the rate is:
- Rate = (Annual Interest / Principal) × 100 = (2,000 / 2,000) × 100 = 100%
- Correct Option:
- Option: 3, 100%
By: santosh ProfileResourcesReport error
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