Interest obtained on a sum of Rs. 5000 for 3 years is Rs. 1500. Find the rate percent.

A. 8%

B. 9%

C. 10%

D. 11%

E. 12%

Answer: Option C

Solution(By Examveda Team)

$$\eqalign{ & {\text{Let rate is }}R\% \cr & {\text{We have}}, \cr & I = \frac{{PTR}}{{100}} \cr & {\text{Here}},1500 = \frac{{5000 \times 3 \times R}}{{100}} \cr & {\text{Thus}},R = 10\% \cr} $$