A sum of Rs.2000 gives a simple interest of Rs.100 in 2 years. Find the rate of interest per annum ?5/4%5/6%5/2%5/8%
Question
A sum of Rs.2000 gives a simple interest of Rs.100 in 2 years. Find the rate of interest per annum?
Options:
- 5/4%
- 5/6%
- 5/2%
- 5/8%
Solution
To find the rate of interest per annum, we can use the formula for simple interest which is:
I = PRT/100
where: I = Interest P = Principal amount (the initial amount of money) R = Rate of interest T = Time (in years)
In this case, we know that: I = Rs.100 P = Rs.2000 T = 2 years
We need to find R. So, we rearrange the formula to solve for R:
R = I * 100 / (P * T)
Substituting the given values:
R = 100 * 100 / (2000 * 2)
R = 10000 / 4000
R = 2.5
So, the rate of interest per annum is 2.5%. None of the options provided (5/4%, 5/6%, 5/2%, 5/8%) match this answer.
Similar Questions
A certain sum of money amounts to Rs 6300 in 5 years at 515515%simple interest per annum. Find the sum.Rs 4000Rs 4500Rs 5500Rs5000
A sum of money becomes 54 54 of it in 2 years at a certain rate of simple interest. Find the rate per annum.15.5%12.5%7.5%8.5%
What is the simple interest on Rs. 90000 for 5 years at 8% per annum rate of interest?Question 6Answera.Rs. 32000b.Rs. 46000c.Rs. 30000d.Rs. 36000
In what time will Rs.1,250, at 8% per annum, produce the same interest as Rs.2,000 does in 5 years at 0.5% simple interest?
Find the Compound Interest on a sum of Rs.1000 at the rate of 10% per annum for 1.5 years wheninterest is compounded half-yearly
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.