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If the interest on Rs. 1200 be more than the interest on Rs. 1000 by Rs. 50 in 3 years, the rate per cent is?

101/3%
62/3%
81/3%
92/3%

Correct Answer: 81/3%

Explanation:

Let rate = R% per annum. Then,
(1200 x R x 3)/100 - (1000 x R x 3)/100 = 50
⇒ 6R = 50
⇒ R = 8¹/₃
∴ Rate = 8¹/₃% per annum

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