ABC26GN4043 · Simple Interest
Subject: General Aptitude · Chapter: Simple Interest · Exam: 2006 · Marks: · Difficulty:
A sum of money becomes ₹ 20925 in 2 years and ₹ 24412.50 in 5 years. Find the rate of interest and the sum of money.
(a)6.25\%, ₹ 18600
(b)6.75\%, ₹ 17775
(c)$7 \%$, ₹ 18000
(d)8\%, ₹ 17560
Answer
Explanation
S.I. for 3 years $=₹(24412.50-20925)=₹ 3487.50$. S.I. for 2 years $=₹\left(\frac{3487.50}{3} \times 2\right)=₹ 2325$. $\therefore \quad$ Principal $=₹(20925-2325)=₹ 18600$. Hence, rate $=\left(\frac{100-2325}{18600 \times 2}\right) \%=6.25 \%$.
Explanation as extracted from the printed page; notation may be imperfect.
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