6 copies of a book can be bought for a certain sum payable at the end of a year and 7 copies of the ...........

Quantitative Aptitude (MTS) Profit and loss

6 copies of a book can be bought for a certain sum payable at the end of a year, and 7 copies of the same book can be bought

for the same sum in cash money. What is the rate per annum of simple interest (correct to one decimal place)?

This questions was previously asked in

SSC MTS 2nd Nov 2021 Shift-2

10.9%

15.5%

16.7%

30.4%

- Let's denote the price of each book as 'P'.

- Paying at the end of a year involves interest. Therefore, for 6 books paid after a year, the total price is \(6P\).

- Paying the same amount in cash for 7 books gives the expression \(7P\).

- The difference in price due to the interest is \(7P - 6P = P\).

- Simple interest formula: Interest = Principal \(\times\) Rate \(\times\) Time.

- Here, Principal = \(6P\), Interest = \(P\), and Time = 1 year.

- Therefore, \(P = 6P \times \frac{R}{100} \times 1\).

- Solving, we get \(R = \frac{1}{6} \times 100 = 16.67\%\).

Correct Answer: Option 3: 16.7%

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