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Mr. Deepak invested an amount of ₹ 21250 for 6 yr. At what rate of simple interest, will he obtain the total amount of ₹ 26350 at the end of 6 yr ?
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- 6% pa
- 5% pa
- 8% pa
- 12% pa
- None of the above
Correct Option: E
SI = 26350 - 21250 = ₹ 5100
∴ Rate = (SI x 100) / (Principal x Time)
= (5100 x 100) / (21250 x 6)
= 4%
