A sum lent at simple interest amounts to ₹6,240.80 in one year and to ₹7,563.20 in 4 years. The sum (in ₹) and the rate of interest per annum, respectively, are:
Answer & explanation
Correct answer: option 3
SI of ( 4 - 1 ) years = 7563.20 - 6240.80 = 1322.4
Si of 1 year = 1322.4 × \(\frac{1 }{3 }\) = 440.8
Now , Initial sum = 6240.80 - 440.8 = 5800
Simple Interest = \(\frac{Principal ×Rate × Time }{100}\)
440.8 = \(\frac{5800 × Rate × 1 }{100}\)
Rate = 7.6%
So , Initial sum = 5800 and Rate = 7.6%