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Question 7
A sum lent out at simple interest amounts to ₹6076 in 1 year and ₹7504 in 4 years. The sum and the rate of interest p.a. are respectively:
Solution
B the option B,
Principle = 5600
Rate(r) = 8.5%
Interest for 1 year = 6076 - 5600 = 476
Interest of 4 year = 7504 - 5600 = 1904
Interest = $$\frac{prt}{100} = \frac{5600 \times 8.5 \times 1}{100}$$ = Rs.476
Interest = 476 $$\times $$ 4 = Rs.1904
$$\therefore$$ The correct anser is optiion B..
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