Question : The simple interest received on a sum is
Option 1: 9.25 percent
Option 2: 10.25 percent
Option 3: 6.62 percent
Option 4: 8.33 percent
Correct Answer: 8.33 percent
Solution :
Rate of interest =
Time =
Let the sum value be
Simple Interest =
⇒
⇒
⇒
⇒
⇒
⇒
So, the annual rate of interest is 8.33%.
Hence, the correct answer is 8.33 percent.
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