At what rate percent will Rs. 11050 amount to Rs. 14918 in 5 years at simple interest?
- A. 8%
- B. 6%
- C. 5%
- D. 7% ✓
Correct answer
D. 7%
Explanation
SI = 14918-11050 = 3868. Rate = (3868 x 100)/(11050 x 5) = 7%.
D. 7%
SI = 14918-11050 = 3868. Rate = (3868 x 100)/(11050 x 5) = 7%.