Find the rate of interest, if the amount after 2 years of simple interest on capital of 1200 Rs is 1440 Rs
A. 8%
B. 9%
C. 10%
D. 11%
Answer: Option C
Solution(By Examveda Team)
Final Amount = Principle Amount + (Principle Amount * Rate * Time) / 100∴ 1440 = 1200 + (1200 * Rate * 2) / 100
∴ 1440 - 1200 = 24 * Rate
∴ 240 = 24 * Rate
∴ Rate = 10% per annum
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