Exams › SSC CGL (Prelims) › General
A certain amount grows to ₹8,000 in 2 years and to ₹8,800 in 3 years. Determine the simple interest rate per annum.
- 8.5%
- 10%
- 12.5%
- 15%
Correct answer: 12.5%
Solution
Under simple interest, the yearly increase is constant. The amount rises from ₹8,000 to ₹8,800 in one year, so yearly interest is ₹800. Since ₹8,000 after 2 years means principal + 2 years’ interest = 8,000, the principal is ₹6,400, and the rate is 800/6400 × 100 = 12.5%.
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