a) 10%
b) 10.25%
c) 10.5%
d) None of these
Answer: b
Explanation:
$$\eqalign{
& {\text{Let}}\,{\text{the}}\,{\text{sum}}\,{\text{be}}\,{\text{Rs}}{\text{.}}\,{\text{100}}{\text{.}}\, \cr
& {\text{S}}{\text{.I}}{\text{.}}\,{\text{for}}\,{\text{first}}\,{\text{6}}\,{\text{months}} \cr
& = Rs.\,\left( {\frac{{100 \times 10 \times 1}}{{100 \times 2}}} \right) \cr
& = Rs.\,5 \cr
& {\text{S}}{\text{.I}}{\text{.}}\,{\text{for}}\,{\text{last}}\,{\text{6}}\,{\text{months}} \cr
& = Rs.\,\left( {\frac{{105 \times 10 \times 1}}{{100 \times 2}}} \right) \cr
& = Rs.\,5.25 \cr} $$
So, amount at the end of 1 year
= Rs. (100 + 5 + 5.25)
= Rs. 110.25
Effective rate = (110.25 – 100) = 10.25%
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