Question

The simple interest on a certain sum of money at the rate of 10% p.a for 12 years is Rs 840. What should be interest rate so as to get the same interest on the same amount in 5 year?

• A. 15
• B. 18
• C. 24
• D. 25
• E. None of these

Answer 1

The correct option is C 24

For principal amount be x
Si = $840=x\times \frac{10}{100}\times 12x=700$
for new times = 5 years
New rate of interest y
$840=700\times \frac{y}{100}\times 5y=\frac{840}{7\times 5}y=24\%$