Ramesh invested an amount that is 10% of ₹ 10000 at simple interest. After 3 yr, the amount becomes ₹ 2500. Find out the 4 times of actual interest rate.
Correct Answer: 200%
Explanation:
Investment of Ramesh = 10% of 10000 = ₹ 1000
After 3 yr = 2500 - 1000 = ₹ 1500 We know.
SI = (P x R x T)/100
⇒ 1500 = (1000 x R x 3)/100
∴ R = (1500 x 100) / (1000 x 3) = 50%
∴ 4 times of 50% = 200%
