Q. If simple interest earned on Rs. 800 for 3 years is Rs. 120, what is the annual rate?
✅ Correct Answer: (B)
5%
Explanation: R = SI×100/(P×T) = 120×100/(800×3) = 12000/2400 = 5%. Option1 gives too small SI, Option3 & Option4 too large.
Explanation by: Mr. Dubey
R = SI×100/(P×T) = 120×100/(800×3) = 12000/2400 = 5%. Option1 gives too small SI, Option3 & Option4 too large.