WBCS.LIVE practice question

At what rate of interest will Rs. 360/- amount to Rs. 522/- in 5 years?

Solve this multiple-choice question and check the correct answer with its explanation below.

Answer options

  1. 8%
  2. 8\frac{1}{2}\%
  3. 9%
  4. 9\frac{1}{2}\%

Correct answer and explanation

Correct answer: 9%

Explanation: āœ… Correct Answer: C. 9% šŸ“š Explanation: The total interest earned is 522 - 360 = Rs 162 over 5 years. This means the interest earned per year is 162 divided by 5, which equals Rs 32.4. To find the rate, we calculate (32.4 / 360) multiplied by 100. This calculation results in a yearly interest rate of exactly 9 percent.