Multiple choice

Calculate the following examples:Nishant deposits Rs.35,000 in a bank for 3 years on a certain rate of interest of Rs.7875, what is the rate of interest?

  1. $7.5 \%$
  2. $7 \%$
  3. $3.5 \%$
  4. $6.5\%$
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Using the simple interest formula I = (P * R * T) / 100, we have 7875 = (35000 * R * 3) / 100. Solving for R gives 7875 = 1050 * R, so R = 7.5%.

AI explanation

Using the rate formula R = (SI × 100) / (P × T), we substitute the given values: R = (7875 × 100) / (35000 × 3). This simplifies to R = 787500 / 105000 = 7.5. The rate of interest is 7.5%.

Keep practicing — related questions