Multiple choice

Find rate if simple interest is $1100$ on a sum of $Rs.6000$ for 4 years.

  1. $4.58$%
  2. $4$%
  3. $5$%
  4. $4.2$%
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A Correct answer
Explanation

SI = P * R * T / 100. 1100 = 6000 * R * 4 / 100 => 1100 = 240 * R => R = 1100 / 240 = 4.5833%.

AI explanation

Using the simple interest formula Rate equals (100 times Interest) divided by (Principal times Time), we substitute the given values. This gives us (100 times 1100) divided by (6000 times 4), which simplifies to 110000 divided by 24000. The result is 110 divided by 24, which equals 4.58 percent.

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