Question Detail
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
- 9%
- 10%
- 11%
- 12%
Answer: Option D
Explanation:
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%