Question
Download Solution PDFThe rate of simple interest for which ₹9,000 will amount to ₹10,200 in 4 years is:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal = Rs.9000
Amount = Rs.10200
Time = 4 years
Formula used:
Simple interest (S.I) = (P × R × T)/100
Amount (A) = (S.I + P)
Where, P = principal; R = rate; T = time
Calculation:
Simple interest (S.I) = (A - P)
⇒ (10200 - 9000) = Rs.1200
Rate = (1200 × 100)/(9000 × 4)
⇒ (10/3) = 3\(1\over3\) %
∴ The correct answer is 3\(1\over3\) %.
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