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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 = (\frac{PRT}{100})

We can directly use the formula of rate

R = \frac{I \times 100}{P \times 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 amount

Rs 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 = \frac{900 \times 100}{1800 \times 10} = 5 %

So the rate of percentage per annum as 5%
Hence, the correct answer is option 1.

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