What is the rate of interest per annum for simple interest at which ₹1,040 amounts to ₹1,230 in 1 1/2 years?

Question

Accepted Answer

Step 1: Identify the principal (P), amount (A), and time (T).
- Principal, P = ₹1,040
- Amount, A = ₹1,230
- Time, T = 1 1/2 years = 1.5 years

Step 2: Calculate the interest (SI).
SI = A - P = 1230 - 1040 = ₹190

Step 3: Use the simple interest formula:
SI = (P × R × T) / 100
190 = (1040 × R × 1.5) / 100

Step 4: Solve for R (rate of interest):
190 = (1560 × R) / 100
190 × 100 = 1560 × R
19000 = 1560 × R
R = 19000 / 1560
R = 12.17948718%

Step 5: Convert decimal to fraction:
0.17948718 ≈ 7/39

Therefore, R = 12 7/39 %

Step 6: Check options:
Option 3 is 12 7/39 %, but the correct calculation shows 12 7/39 %.

Re-checking the calculation:
R = 19000 / 1560 = 12.17948718%
This corresponds to 12 7/39 %.

Hence, the correct answer is option 3.

Answer

Answer

Answer