| On a certain sum, the simple interest at the end of \[6\frac{1}{4}\,\,yr\] becomes \[\frac{3}{8}\]of the sum. The rate of interest is [SSC (CPO) 2011 ] |
A) 5%
B) 6%
C) 7%
D) 8%
Correct Answer: B
Solution :
| Let the sum (principal) be x. |
| Then, \[SI=\frac{3}{8}x\]\[\Rightarrow \]\[T=6\frac{1}{4}\,\,yr\] |
| \[R=?\] |
| \[SI=\frac{P\times R\times T}{100}\] |
| \[\Rightarrow \]\[\frac{3}{8}x=\frac{x\times R\times 25}{4\times 100}\]\[\Rightarrow \]\[R=\frac{16\times 3}{8}\] |
| \[\Rightarrow \]\[R=\frac{48}{8}\]\[\Rightarrow \] R=6% |
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