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Home Aptitude Simple Interest See What Others Are Saying!
  • Question
  • On simple interest an amount becomes Rs. 812 in two years and Rs. 924 in four years. What is the rate of interest on that amount?


  • Options
  • A. 7.2%
  • B. 8%
  • C. 8.5%
  • D. 9.3%

  • Correct Answer
  • 8% 

    Explanation

    We know, 

    S.I = PTR/100 where P = principal amount, T = time, R = rate of interest

    Here in the given data,

    Interest for two years S.I = 924 - 812 = Rs. 112

    Now, Principal amount P = 812 - 112 = Rs. 700 

    Now,

    R = S.I x 100/PT

    R = 112 x 100/700 x 2

    R = 11200/1400

    R = 8%

     

    Hence, the rate of interest R = 8%.

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