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Rs. 750 invested for 3 months gave an interest of Rs. 18. What was the simple rate of interest per annum?
  • a)
    2.4%
  • b)
    9.6%
  • c)
    7.2%
  • d)
    12%
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
Rs. 750 invested for 3 months gave an interest of Rs. 18. What was the...
P = 750
N = 1/4 year
Interest = PRN/100
⇒ 18 = (750 × R × 1/4) /100
⇒ 18 = 1.875 R
∴ R = 9.6%
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Rs. 750 invested for 3 months gave an interest of Rs. 18. What was the...

Calculation of Simple Interest Rate

Given:
Principal amount (P) = Rs. 750
Time (t) = 3 months
Interest earned = Rs. 18

Formula for calculating Simple Interest:
Simple Interest (SI) = (P * R * T) / 100

Calculating Rate of Interest (R):
Given that SI = Rs. 18, P = Rs. 750, and T = 3 months, we can calculate R as follows:
18 = (750 * R * 3) / 100
Solving for R, we get:
R = (18 * 100) / (750 * 3) = 2.4%

Hence, the simple rate of interest per annum is 2.4%.

Therefore, the correct answer is option 'a) 2.4%'.
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Community Answer
Rs. 750 invested for 3 months gave an interest of Rs. 18. What was the...
P = 750
N = 1/4 year
Interest = PRN/100
⇒ 18 = (750 × R × 1/4) /100
⇒ 18 = 1.875 R
∴ R = 9.6%
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Rs. 750 invested for 3 months gave an interest of Rs. 18. What was the simple rate of interest per annum?a)2.4%b)9.6%c)7.2%d)12%Correct answer is option 'B'. Can you explain this answer?
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