A sum of money lent out at simple interest amounts to Rs. 504 in 4 yea

1.	A sum of money lent out at simple interest amounts to Rs. 504 in 4 years and Rs. 582 in 7 years. Find the rate % p.a.1. 10%2. 7%3. 13%4. 6.5%
Answer» Correct Answer - Option 4 : 6.5% Given: Amount after 4 years = Rs. 504 Amount after 7 years = Rs. 582 Formula used: S.I. = (P × R × T)/100 Where, S.I. → Simple Interest P → Principal R → Rate T → Time Calculations: S.I. for 3 years = Rs. (582 – 504) = Rs. 78 So, S.I. for 1 year = Rs. 78/3 = Rs. 26 Again, S.I. for 4 years = Rs. 26 × 4 = Rs. 104 Thus, Principal = Rs. (504 – 104) = Rs. 400 So, R = (100 × 104)/(400 × 4) = 6.5% ∴ The rate % p.a is 6.5%.

A sum of money lent out at simple interest amounts to Rs. 504 in 4 years and Rs. 582 in 7 years. Find the rate % p.a.1. 10%2. 7%3. 13%4. 6.5%

Answer» Correct Answer - Option 4 : 6.5%

Given:

Amount after 4 years = Rs. 504

Amount after 7 years = Rs. 582

Formula used:

S.I. = (P × R × T)/100

Where, S.I. → Simple Interest

P → Principal

R → Rate

T → Time

Calculations:

S.I. for 3 years = Rs. (582 – 504) = Rs. 78

So, S.I. for 1 year = Rs. 78/3 = Rs. 26

Again, S.I. for 4 years = Rs. 26 × 4 = Rs. 104

Thus, Principal = Rs. (504 – 104) = Rs. 400

So, R = (100 × 104)/(400 × 4) = 6.5%

∴ The rate % p.a is 6.5%.

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A sum of money lent out at simple interest amounts to Rs. 504 in 4 years and Rs. 582 in 7 years. Find the rate % p.a.1. 10%2. 7%3. 13%4. 6.5%

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