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Q.

At what rate percent per annum a sum of Rs. 1,800 will become Rs. 2,700 in 10 years?



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a

 5%

b

 6%

c

 15 %

d

 20%  

answer is A.

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Detailed Solution

Concept- We will find the rate of percentage by formula of calculating simple interest
I=PRT100
We can directly use the formula of rate
R=I×100P×T  to find the percentage in question.
Here in question we have to find the rate of percentage increased in the principal amount of Rs.1,800 annually.
Given principal amount = Rs. 1800
Time required =10 years.
Fnal amount = Rs. 2700
Mean interest increased 10 years can be found by this:
Interest amount = final amount - initial amount
Interest amountRs 2700-Rs.1800
=Rs.900
The interest amount in 10 years is Rs.900
So by the above formula we will find the value of rate
R=900×1001800×10=5%
So the rate of percentage per annum as 5%
Hence, the correct answer is option 1.
 
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