Simple Interest — A sum of ₹ 2668 amounts to ₹ 4669 in 5 years at simple interest. Find the annual rate of interest (percent per annum).

Difficulty: Easy

Correct Answer: 15%

Explanation:


Introduction / Context:
Here amount and principal are known over a time period, so the total simple interest and the annual rate can be computed directly.



Given Data / Assumptions:

  • P = ₹ 2668.
  • A = ₹ 4669.
  • t = 5 years.


Concept / Approach:
SI = A − P; then r = SI / (P * t).



Step-by-Step Solution:
SI = 4669 − 2668 = ₹ 2001.r = 2001 / (2668 * 5) = 2001 / 13340 = 0.15.Convert to percent: r = 15% per annum.



Verification / Alternative check:
Per year SI = P * r = 2668 * 0.15 = 400.2; in 5 years: 400.2 * 5 = 2001; A = 2668 + 2001 = 4669.



Why Other Options Are Wrong:
They are near-misses to distract; only 15% exactly reproduces the given amount.



Common Pitfalls:
Arithmetic slips when subtracting or multiplying decimals.



Final Answer:
15%

More Questions from Simple Interest

Discussion & Comments

No comments yet. Be the first to comment!
Join Discussion