A sum of Rs. 12,500 amounts to Rs. 15,500 in 4 years at the rate of simple interest. What is the rate of interest

Q: A sum of Rs. 12,500 amounts to Rs. 15,500 in 4 years at the rate of simple interest. What is the rate of interest

S.I. = Rs. (15500 - 12500) = Rs. 3000. Rate = 100 * 3000 12500 * 4 % = 6%

3%
4%
5%
6%

Correct Answer: 6%

Explanation:

S.I. = Rs. (15500 - 12500) = Rs. 3000.

Rate = $\frac{100 * 3000}{12500 * 4}$ % = 6%

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