Question 11

Simple interest on a sum of Rs 3300 for 5 years is Rs 1980. What is the annual rate (in percentage) of interest?

Solution

Principal amount = Rs. 3300 and interest = Rs. 1980

Let rate of interest = $$r\%$$ and time period = 5 years

=> Simple interest = $$\frac{P\times R\times T}{100}$$

=> $$\frac{3300\times r\times5}{100}=1980$$

=> $$165r=1980$$

=> $$r=\frac{1980}{165}=12\%$$

=> Ans - (C)

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