At what rate of simple interest per annum can an amount of Rs. 1553.40 be obtained on the principal amount of Rs. 8630 after 3 years?

A. 4 p.c.p.a

B. 5 p.c.p.a

C. 7 p.c.p.a

D. 8 p.c.p.a

E. None of these

Answer: Option E

Solution(By Examveda Team)

$$\eqalign{ & {\text{P}} = {\text{Rs.}}{\text{ 8630}} \cr & {\text{S}}{\text{.I}}{\text{.}} = {\text{Rs.}}{\text{ 1553}}{\text{.40}} \cr & {\text{T}} = {\text{3 years}} \cr & \therefore {\text{Rate}} \cr & = \left( {\frac{{100 \times 1553.40}}{{8630 \times 3}}} \right)\% \cr & = 6\% \cr} $$