Quantitative Aptitude • Simple & Compound InterestMedium
A sum of ₹15,000 becomes ₹17,700 in 3 years at simple interest. What is the rate of interest per year?
A. 8%
B. 18%
C. 6%✓ Correct Answer
D. 5.08%
💡 Solution & Explanation
Interest = amount − principal = ₹17,700 − ₹15,000 = ₹2,700. Rate = interest × 100 ÷ (principal × time) = 2,700 × 100 ÷ (15,000 × 3) = 6%. Check: 6% of ₹15,000 is ₹900 per year, and 3 years of that is ₹2,700.
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