Exams › SSC CGL (Prelims) › General
A sum amounts to ₹6,600 in 2 years and ₹7,200 in 4 years at simple interest. What is the rate of interest per annum?
- 6%
- 8%
- 5%
- 9%
Correct answer: 5%
Solution
The amount increases from ₹6,600 to ₹7,200 in 2 years, so the simple interest for 2 years is ₹600. Therefore, yearly interest is ₹300, and the principal is ₹6,600 - ₹600 = ₹6,000. Rate = (300/6000) × 100 = 5%.
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