A sum of ₹ 9,500 gives a simple interest of ₹ 1,520 in 4 years. What is the rate of interest per annum?

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CRPF Constable Technical Tradesman Official Paper (Held On: 01 July, 2023 Shift 2)
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  1. 3%
  2. 4%
  3. 5%
  4. 6%

Answer (Detailed Solution Below)

Option 2 : 4%
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Detailed Solution

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Given:

Principal (P) = ₹ 9,500

Simple Interest (SI) = ₹ 1,520

Time (T) = 4 years

Formula Used:

Simple Interest (SI) = (P × R × T) / 100

where P → Principal, R → Rate of Interest, T → Time

Calculations:

According to Question:

1,520 = (9,500 × R × 4) / 100

1,520 = 38,000R / 100

1,520 = 380R

R = 1,520 / 380

R = 4%

∴ The rate of interest per annum is 4%.

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