1.

The simple interest on a certain sum of money at the rate of 8% p.a. for 9 years is Rs. 2,880. At what rate of interest can the same amount of simple interest be received on the same sum in 6 years?1. 12%2. 10.5%3. 10%4. 14%

Answer» Correct Answer - Option 1 : 12%

Given:

Simple Interest = Rs. 2880

Rate % = 8% p.a

Time = 9 years

Formula used:

Simple Interest = P × r/100 × t

Where P = principal,

r = rate %

t = time

Calculation:

Simple interest = P × r/100 × t

⇒ 2880 = P × 8/100 × 9

⇒ P = 2880 × 100/72

⇒ P = Rs. 4000

According to the question, rate for 6 years for  same interest can be found as

⇒ Simple interest = 4000 × r/100 × 6

⇒ 2880 = 4000 × r/100 × 6

⇒ r = 2880/240

⇒ r = 12%

The required rate percent is 12% 



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