At what rate of simple interest per annum (correct to one decimal place) is the interest earned for 11 months on a certain sum of money 0.08 times the - Quantitative Aptitude MCQ Competitive Exam 2026 | ExamTest.live

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At what rate of simple interest per annum (correct to one decimal place) is the interest earned for 11 months on a certain sum of money 0.08 times the principal amount?

Solution & Step-by-step Explanation

Let the Principal amount be P .Simple Interest (SI) = 0.08 P Time (T) = 11 months = \frac{11}{12} years Formula for Simple Interest: SI = \frac{P \times R \times T}{100} 0.08 P = \frac{P \times R \times \frac{11}{12}}{100} 0.08 = \frac{11 R}{1200} 11 R = 0.08 \times 1200 11 R = 96 R = \frac{96}{11} \approx 8.727% Correct to one decimal place, the rate is 8.7% .

Try it yourself before checking the explanation above.

At what rate of simple interest per annum (correct to one decimal place) is the interest earned for 11 months on a certain sum of money 0.08 times the principal amount?

8.20%

9.30%

8.70%

11.20%

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