QA – Placement Quizzes | Simple Interest | Question 8

At what rate of SI, a sum of Rs.7000 amounts to Rs.7700 in 2 years?
(A) 5.5%
(B) 6.5%
(C) 6%
(D) 5%


Answer: (D)

Explanation: SI= 7700-7000 = 700
700 = 7000*R*2/100
R = 70000/14000 = 5%

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