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A sum of ₹ 4200 becomes ₹ 5082 in 3 years at a simple interest. What is the rate of interest per annum?

A sum of ₹ 4200 becomes ₹ 5082 in 3 years at a simple interest. What is the rate of interest per annum? Correct Answer 7%

Given:

Principal = Rs. 4200

Amount = Rs. 5082

Time = 3 years

Formula used:

Simple interest = Amount - Principal

Simple interest = Principal × Rate × Time / 100

Calculation:

Let the rate of interest be r

(5082 - 4200) = 4200 × r × 3 / 100

⇒ 882 = 126r

⇒ r = 7

∴ Rate of interest per annum = 7%

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