A sum of money becomes Rs. 2800 in 2 years and Rs. 3250 in 5 years at simple interest. Find the rate of interest. MCQ with Answer and Explanation

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A sum of money becomes Rs. 2800 in 2 years and Rs. 3250 in 5 years at simple interest. Find the rate of interest.

A. 4%

B. 7%

C. 6%

D. 5%

Answer: Option C

Solution (By JKExamLibrary)

SI for 3 years = 3250 - 2800 = 450, SI per year = 150. Principal = 2800 - 2×150 = 2500. Rate = (150/2500)×100 = 6%.

This question belongs to: Maths Percentage

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