Question

Sunil deposited ₹ 50,000 in a bank for 3 years. He got ₹ 9,000 as interest amount after 3 years. What is the rate of interest(p.c.p.a)?

• A. 3%
• B. 6%
• C. 9%
• D. 12%

Answer 1

The correct option is B 6%

Given,
Principal = ₹ 50,000, Rate of interest = ? , Time= 3 years, Interest = ₹ 9,000
We know that,
$I=\frac{P\times T\times R}{100}$
$9,000=\frac{50,000\times 3\times R}{100}$
$R=\frac{9,000\times 100}{50,000\times 3}$
$=6$
$\therefore$The rate of interest is 6%.