SATHEE: Quantitative Aptitude Ques 2042

Quantitative Aptitude Ques 2042

Question: A person invests Rs. 12000 as fixed deposit at a bank at the rate of 10% per annum simple interest. But due to some pressing (needs he has to withdraw the) entire money after 3 yr, for which the bank allowed him a lower rate of interest. If he gets Rs. 3320 less than what he would have got at the end of 5 yr, the rate of interest allowed by the bank is

Options:

A) $ 7\frac{5}{9}% $

B) $ 7\frac{4}{9}% $

C) $ 7\frac{8}{9}% $

D) $ 8\frac{7}{9}% $

Show Answer

Answer:

Correct Answer: B

Solution:

SI after 5 yr $ =\frac{Principal\times Time\times Rate}{100} $ $ =\frac{12000\times 5\times 10}{100}=Rs\text{. 6000} $ Interest earned $ =Rs.(6000-3320)=Rs.2680 $

$ \therefore $ $ Rate=\frac{SI\times 100}{Principal\times Time} $ $ =\frac{2680\times 100}{12000\times 3}=\frac{67}{9}=7\frac{4}{9}% $

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