Question : The present worth of a bill due 7 months hence is Rs.1,200 and if the bill were due at the end of $2\frac{1}{2}$ years its present worth be Rs.1,016. The rate percentage is:
Option 1: 5%
Option 2: 10%
Option 3: 15%
Option 4: 20%
Recommended: How to crack SSC CHSL | SSC CHSL exam guide
Don't Miss: Month-wise Current Affairs | Upcoming government exams
Correct Answer: 10%
Solution :
Let the rate be $R$%.
We know, Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
According to the question,
$1200+\frac{1200×\frac{7}{12}×R}{100}=1016+\frac{1016×\frac{5}{2}×R}{100}$
$⇒1200+7R=1016+\frac{127R}{5}$
$⇒\frac{92R}{5}= 184$
$\therefore R = 10$%
Hence, the correct answer is 10%.
Related Questions
Know More about
Staff Selection Commission Combined High ...
Answer Key | Eligibility | Application | Admit Card | Preparation Tips | Result | Cutoff
Get Updates BrochureYour Staff Selection Commission Combined Higher Secondary Level Exam brochure has been successfully mailed to your registered email id “”.




