000, amount 32000, rate - 125% per
At what rate per cent per annum, will 360 amount to 450 in 4 years?
Find the simple interest and amount on 900 from 6th Feh
Answers
Correct question!!
At what rate percent per annum, will 360 amount to 450 in 4 years?
Solution!!
The concept of simple interest has to be used here. In such cases, we usually have to apply a suitable formula and get the values which are asked. The principal, amount and time is given in the question. We have to find the rate of interest.
Amount = Rs 450
Principal = Rs 360
Time = 4 years
Let's find the simple interest first!
Amount = Principal + SI
Rs 450 = Rs 360 + SI
Rs 450 - Rs 360 = SI
Rs 90 = SI
SI = Rs 90
Now that we know the simple interest, we can easily find out the rate of interest!
SI = (P × R × T)/100
90 = (360 × R × 4)/100
90 × 100 = 360 × R × 4
9000 = 1440 × R
R = 9000 ÷ 1440
R = 6.25
Hence, the rate of interest is 6.25% per annum.
Abbreviations used:-
P → Principal
T → Time
R → Rate of interest
SI → Simple interest