Multiple Choice Questions on If a certain sum of money at simple interest amounts to Rs 2800 in 2 years and Rs 3250 in 5 years th........... for Mathematics - All Exams Preparation

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Multiple Choice Questions

If a certain sum of money at simple interest amounts to Rs 2800 in 2 years and Rs 3250 in 5 years th...........

Quantitative Aptitude ( CCS) Simple Interest
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    If a certain sum of money at simple interest amounts to Rs. 2800 in 2 years and Rs. 3250 in 5 years, then the rate of interest per annum is

    4%

    Incorrect Answer

    6%

    Correct Answer

    5%

    Incorrect Answer

    None of these

    Incorrect Answer
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    Explanation:

    Simple interest in 3 years=Rs.3250-2800=Rs.450
    For one year interest : Rs.150
    Principal =Rs.2800-300 =Rs.2500
    P=Rs.2500, N=1, I=Rs.150
    R=100×I / P×N = 100×150 / 2500 = 6%

    Hence, option 2 is the correct answer.

    By: Amit Kumar
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