Quantitative Aptitude • Simple & Compound InterestMedium
A sum of ₹30,000 becomes ₹32,400 in 2 years at simple interest. What is the rate of interest per year?
A. 4%✓ Correct Answer
B. 6%
C. 3.7%
D. 8%
💡 Solution & Explanation
Interest = amount − principal = ₹32,400 − ₹30,000 = ₹2,400. Rate = interest × 100 ÷ (principal × time) = 2,400 × 100 ÷ (30,000 × 2) = 4%. Check: 4% of ₹30,000 is ₹1,200 per year, and 2 years of that is ₹2,400.
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