Can you explain the answer of this question below:

A sum of money amounts to Rs.9800 after 5 years and Rs.12005 after 8 years at the same rate of simple interest. The rate of interest per annum is

- A:15%
- B:12%
- C:8%
- D:5%

The answer is B.

6 Answers

Mrinmoy Kundu
answered
Jun 11, 2018

We can get SI of 3 years = 12005 - 9800 = 2205

SI for 5 years = (2205/3)*5 = 3675 [so that we can get principal amount after deducting SI]

Principal = 12005 - 3675 = 6125

So Rate = (100*3675)/(6125*5) = 12%

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