On which rate ₹ 500 will become ₹ 605 in 3 years? A) 7% B) 6% C

1.	On which rate ₹ 500 will become ₹ 605 in 3 years? A) 7% B) 6% C) 12%D) 9%
Answer» Correct option is (A) 7% P = 500, T = 3 years. Let rate of interest be R Amount after 3 years = P + S.I. = P + \(\frac{PRT}{100}\) \(=500+\frac{500\times R\times3}{100}\) = 500 + 15R Given that amount after 3 years is Rs 605. \(\therefore\) 500 + 15R = 605 \(\Rightarrow\) 15R = 605 - 500 = 105 \(\Rightarrow\) R = \(\frac{105}{15}\) = 7% Correct option is A) 7%

On which rate ₹ 500 will become ₹ 605 in 3 years? A) 7% B) 6% C) 12%D) 9%

Answer»

Correct option is (A) 7%

P = 500, T = 3 years. Let rate of interest be R

Amount after 3 years = P + S.I.

= P + \(\frac{PRT}{100}\)

\(=500+\frac{500\times R\times3}{100}\)

= 500 + 15R

Given that amount after 3 years is Rs 605.

\(\therefore\) 500 + 15R = 605

\(\Rightarrow\) 15R = 605 - 500 = 105

\(\Rightarrow\) R = \(\frac{105}{15}\) = 7%

Correct option is A) 7%