Multiple choice

A man deposited Rs. 7200 in bank and received Rs. 9144 after 3 years at simple interest. At what rate of interest did he invest the money?

  1. 9%

  2. 10%

  3. 11%

  4. 12%
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A Correct answer
Explanation

Simple Interest = Amount - Principal = 9144 - 7200 = 1944. SI = (P * R * T) / 100. 1944 = (7200 * R * 3) / 100. 1944 = 216 * R. R = 1944 / 216 = 9%.

AI explanation

The simple interest earned is Rs. 9144 minus Rs. 7200, which equals Rs. 1944. Using the formula Rate = (Interest * 100) / (Principal * Time), we get (1944 * 100) / (7200 * 3). This simplifies to 194400 / 21600, giving a rate of 9%, making the result 9%.

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