Exams › IBPS PO › General Awareness

A sum of money amounts to ₹2,480 in 2 years and ₹3,200 in 5 years. Find the rate of simple interest per annum.

1. 16%
2. 12%
3. 8%
4. 10%

Correct answer: 12%

Solution

The amount increases from ₹2,480 to ₹3,200 in 3 years, so the simple interest for 3 years is ₹720. Hence yearly interest is ₹240. The principal is ₹2,480 - 2×₹240 = ₹2,000, so the rate is 240/2000 × 100 = 12%.

Related IBPS PO General Awareness questions

• Ajay has invested ₹25,000 at 10% per annum simple interest for 3 years, and Vijay has invested ₹20,000 at 12% per annum simple interest for the same time. Find the difference between their interests earned.
• The interest on a certain deposit at 9% per annum is ₹405 in one year. How much additional interest will be earned in one year on the same deposit at 10% per annum?
• A sum of money is invested at simple interest at 1.5% p.a. for 8 years and yields interest of ₹3000. What will be the simple interest on the same sum at 5% for 6 years?
• Tanya and Tashu invested in a scheme offering simple interest at the rates of 12% and 15% per annum for 4 years and 3 years respectively. If Tanya's investment is ₹300 less than Tashu's, find the amount invested by Tashu, given that the interest received by both is equal.
• The simple interest on ₹P at 15% p.a. for 2 years is ₹300 more than the simple interest on ₹(P + 500) at 12% for 2 years. What is the interest if (2P + 500) is lent for 2 years at 12% simple interest rate?
• Arun invested a certain sum of money at a rate of interest of 9% per annum. If the ratio of the amount to interest is 216:91, then which of the following rate-time combinations is correct? I: 10%, 2 years II: 20%, 3 years III: 25%, 3 years

⚔️ Practice IBPS PO General Awareness free + battle 1v1 →