Discussion
The simple interest accrued on an amount of Rs 9530 at the end of 6 years is Rs 2850. What is the rate of interest percent per annum?
Answer: A
The rate is about 5 percent per annum.
From simple interest \(SI = \dfrac{P \times R \times T}{100}\):
\[ \begin{aligned} R &= \frac{100 \times SI}{P \times T} = \frac{100 \times 2850}{9530 \times 6} \\ &= \frac{285000}{57180} \approx 4.98 \end{aligned} \]
The exact figure is 4.98%, which rounds to 5%; on Rs 9,500 it would be exactly 5%. The other options are far off: at 7% the interest would be about Rs 4,000, and at 9% or 11% more still.
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