Question

A sum lent at CI amounts in 2 years to Rs. 578.40 and in 3 years to Rs. 614.55. Find the rate of interest.

• A. $5$ %
• B. $6\frac{1}{4}\%$
• C. $7$ %
• D. $12\frac{1}{2}\%$

Answer 1

Answer: (B)

$6\frac{1}{4}\%$

$\because$ S.I for 1 year = C.I for 1 year
CI for 1 year = 614.55 - 578.40
= Rs. 36.15
SI for 1 year = Rs. 36.15
$R=\frac{100\times SI}{P\times T}$
$=\frac{100\times 36.15}{578.40\times 1}=6\frac{1}{4}\%$