Question
Download Solution PDFThe simple interest obtained by a person on a principal of Rs. 6000 in 5 years is 200% of the principal. What is the annual rate of interest?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
P = Rs. 6000
T = 5 years
SI = 200% of Principal
Formula Used:
Simple Interest = PRT/100
Calculation:
SI = 200% of 6000 = 12000
Simple Interest = PRT/100
⇒ 12000 = (6000 x R x 5)/100
R = (12000 x 100)/(6000 x 5)
R = 2 x 20
R = 40%
\(\therefore\) The annual rate of interest is 40%.
Last updated on Jun 30, 2025
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