A certain sum of money at simple interest amounts to Rs. 1012 in 2 ½ years and

Question

A certain sum of money at simple interest amounts to Rs. 1012 in 2 ½ years and to Rs. 1067.20 in 4 years. The rate of interest per annum is:

Options:

A . 2.5 %

B . 3 %

C . 4%

D . 5%

Answer: Option C

S.I for 3/2 years = Rs. (1067.20 - 1012) = Rs. 55.20
S.I for 5/2 years = Rs. (55.20 X 2/3 X 5/2) = Rs. 92
Sum = Rs. (1012 - 92) = Rs. 920
Rate = = 4 %

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