A sum of money invested at C.I. amounts to Rs. 800 in 3 years to Rs. 840 in 4 years. The rate of interest per annum is______?
Correct answer: C. 5%
- A. 2 1/2 %
- B. 4%
- C. 5%
- D. 6 2/3 %
Explanation
From the third to the fourth year, the amount rises from Rs.800 to Rs.840, so one year's interest is Rs.840 - Rs.800 = Rs.40. This is Rs.40 ÷ Rs.800 x 100 = 5% per annum. Students may choose 6 2/3% by dividing the Rs.40 increase by the original principal without first identifying the amount at the start of that year.
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Percentages express a quantity as parts per hundred and support calculations involving increases, decreases, discounts, commissions, taxes, and successive changes. Questions require distinguishing percentage change from percentage points and identifying the original value when a final value and its percentage change are given.
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