A certain lent out at simple interest amount to Rs.575 in 3years and to Rs.625 in 5 years .Then the rate of interest is:
OPTIONS
A.
3%
B.
5%
C.
4%
D.
7%
Right Option : B
EXPLANATION
Explain Type
Explanation Content
Text
Let the sum be Rs 'y' and , rate of interest = R%Simple Interest for 2 yr =Rs( 625 - 575 ) = Rs 50∴ Sum of money, y=Rs( 575 - 75)= Rs 500∴ R= [(100 x SI)/(Sum x Time)]=[(100x 75)/(500 x 3)]=5 %
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