A sum becomes Rs. 1392 in 2 years and Rs. 1488 in 3 years at simple interest. What is the rate (in percentage) of interest per annum?a)8b)10c)12d)8.5Correct answer is option 'A'. Can you explain this answer?

Question

Answer

Given, principal amount (P) = ?
Time period (n) = 2 years and 3 years
Simple Interest (S.I.) after 2 years = Rs. 1392
Simple Interest (S.I.) after 3 years = Rs. 1488

Let the rate of interest be R% per annum.

Calculation:
We know that, Simple Interest (S.I.) = (P × n × R) / 100
Using this formula, we can find the value of P.

From the given data, we can write the following equations:
1392 = (P × 2 × R) / 100
1488 = (P × 3 × R) / 100

Solving these equations, we get:
P = Rs. 12000
R = 8%

Therefore, the rate of interest per annum is 8%.

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