Practicing Success
A sum of Rs.3000 becomes Rs.6000 when invested in a scheme of simple interest. If the annual rate of interest and the number of years for which the sum was invested are same, then what is the annual rate of interest? |
5 percent 20 percent 10 percent 15 percent |
10 percent |
Principal( P) = 3000 Rs Amount = 6000 Rs Interest = Amount - Principal = 6000 - 3000 = Rs 3000 A.T.Q. Rate and Time are equal= R Interest = \(\frac{Principal ×Rate × Time }{100}\) 3000 = \(\frac{3000 × R × R }{100}\) 1 = \(\frac{R2 }{100}\) ⇒ 100= R2 ⇒ R = 10% p.a
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