At what rate per annum will ₹ 6950 produce ₹ 347.50 as a simple interest in 5 Months 3 B What is the amount after 5 months?

At what rate percent per annum will the simple interest on a sum of money be 2/5 of the principal in 10 years?

1. 4%
2. \(6^\frac{2}{3}\)%
3. 6%
4. \(5^\frac{2}{3}\)%

Answer (Detailed Solution Below)

Option 1 : 4%

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MP Police Constable: Memory Based Paper: 8 Jan 2022 Shift 1

100 Questions 100 Marks 120 Mins

Given:

S.I.= (2/5) of Principal

Time = 10 years

Formula used:

Amount = P + ( P × R × T)/100

Where P,R and T represents Principal, rate and time respectively.

Calculation:

S.I. = (P × R × T)/100

⇒ (2/5) of P = (P × R × 10)/100

⇒ (2/5) = (R × 10)/100

⇒ (2/5) = (R)/10

⇒ R = 4%

∴ Rate is 4% per annum.

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1 Answers

Adithi Merchant Grade 12

I=PTR/100
347.5=6950×5/12×x/100
x=12%

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