Question

If Rs.3,750 amount to Rs.4,620 in 3 years at simple interest, then find the rate of interest.

• A. $7\frac{11}{15}$%
• B. $8\frac{11}{15}$%
• C. $6\frac{11}{15}$%
• D. $5\frac{11}{15}$%

Answer 1

The correct option is A $7\frac{11}{15}$%

Simple Interest $I=\frac{PNR}{100}$
Given,

Amount $A=Rs.4620$
$P=Rs.3750$
$I=A-P=870$
$N=3$
So, $870=\frac{3750\times 3\times R}{100}$
$=>R=7\frac{11}{15}\%$