At what rate percent per annum simple interest will 3625 amount to 4495 in 2 years

At what rate percent per annum will the simple interest on a sum of money be 2/5 of the principal in 10 years?

1. 4%
2. \(6^\frac{2}{3}\)%
3. 6%
4. \(5^\frac{2}{3}\)%

Answer (Detailed Solution Below)

Option 1 : 4%

Free

MP Police Constable: Memory Based Paper: 8 Jan 2022 Shift 1

100 Questions 100 Marks 120 Mins

Given:

S.I.= (2/5) of Principal

Time = 10 years

Formula used:

Amount = P + ( P × R × T)/100

Where P,R and T represents Principal, rate and time respectively.

Calculation:

S.I. = (P × R × T)/100

⇒ (2/5) of P = (P × R × 10)/100

⇒ (2/5) = (R × 10)/100

⇒ (2/5) = (R)/10

⇒ R = 4%

∴ Rate is 4% per annum.

Latest MP Police SI Updates

Last updated on Sep 26, 2022

The Madhya Pradesh Professional Education Board is very soon going to release the notification for recruitment for the post of MP Police SI (Sub-Inspector). In the last recruitment cycle, a total of 611 vacancies were released. The expected vacancy this year is to be much higher than that of the previous cycle. The candidates must be at least 18 years old to be able to apply for the post. The candidates can go through the MP Police SI Syllabus and Exam Pattern to have a better understanding of the requirements of the exam.

Ace your Interest preparations for Simple Interest with us and master Quantitative Aptitude for your exams. Learn today!

1. Ratio:

(i) The ratio of a number ‘a’ to another number ‘b’ (b ≠ 0) is a fraction ab and is written as a:b.

(ii) In the ratio a:b, the first term is ‘a’ and the second term is ‘b’.

(iii) A ratio is said to be in the simplest form if its two terms have no common factor other than 1.

(iv) The ratio of two numbers is usually expressed in its simplest form.

(v) The ratio of two quantities is an abstract quantity, i.e., it has no units.

2. Proportion:

(i) An equality of two ratios is called a proportion. If a:b=c:d then we write a:b :: c:d.

(ii) The numbers a, b, c,  d are in proportion if the ratio of the first two is equal to the ratio of the last two, i.e., a:b=c:d.

(iii) If four numbers a, b, c, d are in proportion, then a and d are known as extreme terms and b and c are called middle terms.

(iv) Four numbers are in proportion if the product of extreme terms is equal to the product of middle terms, i.e., a:b :: c:d if and only if ad=bc.

3. Continued Proportion:

(i) If a:b=b:c, then a, b, c are said to be in continued proportion.

(ii) If a, b, c are in continued proportion, i.e., a:b :: b: c, then b is called the mean proportional between a and c.

4. Value of an Article:

(i) More is the number of articles, more is the value.

∴ Value of a given number of articles = (Value of one article) × (Number of articles).

(ii) Less is the number of articles, less is the value.

∴ Value of one article = Value of a given number of articlesNumber of articles.

(iii) The method of finding the value of one article from the value of the given number of articles first and then finding the value of the required number of articles is called the unitary method.

5. Percentage:

(i) Percent means per hundred or for every hundred.

(ii) By a certain percent, we mean that many hundredths.

(iii) A fraction with its denominator as 100 is called a percent and is equal to that percent as is the numerator.

(iv) A ratio with its second term 100 is also called a percent.

6. Converting to Percentages:

(i) To convert a fraction into a percent we multiply the fraction by 100.

(ii) To convert a ratio into a percent, we write it as a fraction and multiply it by 100.

(iii) To convert a decimal into a percent, we shift the decimal point two places to the right.

(iv) To convert a percent into a fraction, we remove percent sign % and divide by 100.

(v) To convert a percent into a ratio, we remove percent sign % and form a ratio with the remaining number as the first term and 100 as the second term.

(vi) To convert a percent into a decimal, we remove percent sign % and shift the decimal point two places to the left.

7. Increase or Decrease Percentage: 

(i) Increase  %=Increase in valueOriginal value×100%

(ii) Decrease %=Decrease in valueOriginal value×100%

8. Cost Price and Selling Price:

(i) The money paid by the shopkeeper to buy the goods from a manufacturer or a wholesaler is called the cost price of the shopkeeper. The cost price is abbreviated as C.P.

(ii) The price at which a shopkeeper sells the goods is called the selling price of the shopkeeper. The selling price is abbreviated as S.P.

9. Gain and Loss:

(i) Effective cost = Cost price + Overhead charges.

(ii) If S.P.>C.P., then there is gain given by Gain = S.P.−C.P.

(iii) If S.P.<C.P., then there is loss given by Loss =C.P.−S.P.

(iv) Gain or loss is calculated on the cost price.

(v) Gain%=GainC.P.×100%

(vi) Loss%=Loss C.P.×100%.

10. Simple Interest:

If P= Principal, R= Rate of interest per annum and T= time, then the simple interest is given by S.I.=PRT100.

What is the simple interest on Rs 1000 for 2 years at 8% per annum?

At what rate per annum simple interest will Rs 66000 amount to Rs 72720 in 2 years?

At what rate of interest per annum would an amount $400 yield a simple interest of $72 in two years?

At what rate percent per annum will 2500 amount to 3300 in 4 years?