1. Simple interest on a sum of Rs 1400 for 3 years and 4 months is Rs 700. What is the rate (in percentage) of interest per annum?
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By: anil on 05 May 2019 02.06 am
Principal amount = Rs. 1400 and interest = Rs. 700 Let rate of interest = $$r\%$$ and time period = $$3frac{4}{12}=3frac{1}{3}=frac{10}{3}$$ years => Simple interest = $$frac{P imes R imes T}{100}$$ => $$frac{1400 imes r imes10}{3 imes100}=700$$ => $$frac{140r}{3}=700$$ => $$r=frac{700 imes3}{140}$$ => $$r=5 imes3=15\%$$ => Ans - (B)
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