A person invested a sum of Rs.750 in a bank at simple interest. After 5 years he received Rs.1200. Find the rate of interest offered by the bank.

 

  • Option 1)

     

    10% p.a           

     

  • Option 2)

     

    11% p a       

     

  • Option 3)

     

    14% p a    

     

  • Option 4)

     

     12% p.a

     

  • Option 5)

     

    20% p.a      

     

Answers (1)

1200 -750 = 450

450 = \frac{\left \{ 750\times 5\times R \right \}}{100}= R = \frac{900}{75}

= 12%

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