Question Details

Detailed explanation and options for the selected question.

A sum of Rs. 500 becomes Rs. 660 in 4 years at simple interest. What is the annual rate of interest?

A. 7%
B. 8%
C. 9%
D. 10%

Explanation:

Explanation: SI = P×R×T/100. Solving 660-500 = 500×R×4/100 gives R=8%. Other rates do not satisfy the equation.