A sum of Rs. 10,000 amounts to Rs. 15,840 in 4 years at the rate of si

1.	A sum of Rs. 10,000 amounts to Rs. 15,840 in 4 years at the rate of simple interest. What is the rate of interest?1. 14%2. 15%3. 14.6%4. 15.5%
Answer» Correct Answer - Option 3 : 14.6% Given: Principle = 10,000 Rs. Amount = 15,840 Rs. Formula used: Amount = Simple Interest + Principal SI = (P x R x T)/100, where P = Principal, R = Rate of Interest, T = Time Period of the Loan/deposit in years, SI = Simple Interest Calculations: ⇒ SI = 15,840 - 10,000 ⇒ SI = 5840 ⇒ 5840 = (1000 × 4 × r)/100 ⇒ r = 14.6% ∴ The rate of interest is 14.6%.

A sum of Rs. 10,000 amounts to Rs. 15,840 in 4 years at the rate of simple interest. What is the rate of interest?1. 14%2. 15%3. 14.6%4. 15.5%

Answer» Correct Answer - Option 3 : 14.6%

Given:

Principle = 10,000 Rs.

Amount = 15,840 Rs.

Formula used:

Amount = Simple Interest + Principal

SI = (P x R x T)/100,

where P = Principal,

R = Rate of Interest,

T = Time Period of the Loan/deposit in years,

SI = Simple Interest

Calculations:

⇒ SI = 15,840 - 10,000

⇒ SI = 5840

⇒ 5840 = (1000 × 4 × r)/100

⇒ r = 14.6%

∴ The rate of interest is 14.6%.

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A sum of Rs. 10,000 amounts to Rs. 15,840 in 4 years at the rate of simple interest. What is the rate of interest?1. 14%2. 15%3. 14.6%4. 15.5%

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