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If a sum of Rs. 5200 become Rs. 5772 in 2 years at certain rate of SI, find the rate of interest per anum.
1. 5%
2. 6%
3. 5.5%
4. 7%
5. 4%

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Correct Answer - Option 3 : 5.5%

Given:

Sum = Rs. 5200

Time period = 2 years

Formula used:

SI = (P × R × T)/100 

Where P = Principal

R = Rate of interest

T = Time period

SI = Interest earned

Calculation:

Interest earned in 2 years = Rs. (5772 – 5200)

⇒ Rs. 572

Now, according to the formula

⇒ Rs. (5200 × R × 2)/100 = Rs. 572

⇒ R = (572/104)%

⇒ R = 5.5%

∴ Rate of interest is 5.5%

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