Multiple choice

Simple interest of ₹10000 for 15 years at 15% PA is equal to simple interest of ₹15000 at x PA in 10 years. Find the value of x

  1. 10% PA

  2. 20% РА

  3. 15% PA

  4. 25% PA
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C Correct answer
Explanation

Equating the simple interests gives 10000 × 15 × 15 = 15000 × x × 10, with the common factor 1/100 omitted. Solving gives x = 15%, so the two simple interests are equal.

AI explanation

Using the simple interest formula, the interest on 10000 for 15 years at 15% per annum is 10000 multiplied by 0.15 multiplied by 15, which equals 22500. We set this equal to the simple interest on 15000 at x for 10 years, giving the equation 15000 multiplied by x multiplied by 10 = 22500. Simplifying this equation yields 150000x = 22500, which means x = 0.15, or 15% per annum.

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