Question
Download Solution PDFA sum of money at simple interest amount of Rs. 600 in 4 years and Rs. 650 in 6 years. The rate of interest per annum is:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
A sum of money at simple interest amount of Rs. 600 in 4 years and Rs. 650 in 6 years.
Concept used:
S.I = (P × T × R)/100
Here,
P = Sum
T = Time
R = Rate
Calculation:
Interest in 2 years = 650 - 600
⇒ 50
So, interest for 4 years = 100
So, Sum = 600 - 100
⇒ 500
Now,
100 = (500 × 4 × R)/100
⇒ 100 = 20R
⇒ R = 5
So, rate = 5%
∴ The required answer is 5%.
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