Math Problem Statement

A sum of money amounts to Rs. 9800 after 5 years and Rs. 12005 after 8 year at the same rate of simple interest. The rate of interest per annum is:

A) 5% b) 12% D) 15%

C) 12%

E) None of these

Solution

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Math Problem Analysis

Mathematical Concepts

Simple Interest
Algebra
Arithmetic

Formulas

Simple Interest formula: A = P + (P * r * t / 100)
Annual interest: Interest for 1 year = Total interest for n years / n
Rate of interest: r = (Interest * 100) / (Principal * Time)

Theorems

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Suitable Grade Level

Grades 9-10