Quantitative Aptitude • Simple & Compound InterestMedium
A sum of ₹28,000 becomes ₹33,040 in 3 years at simple interest. What is the rate of interest per year?
A. 5.08%
B. 18%
C. 6%✓ Correct Answer
D. 8%
💡 Solution & Explanation
Interest = amount − principal = ₹33,040 − ₹28,000 = ₹5,040. Rate = interest × 100 ÷ (principal × time) = 5,040 × 100 ÷ (28,000 × 3) = 6%. Check: 6% of ₹28,000 is ₹1,680 per year, and 3 years of that is ₹5,040.
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