Question

13. Kalam deposited a sum of 9000 in a bank. After 2 years he withdrew 4000 and at the end of 5
years, he received an amount of 8300. Find the rate of simple interest.

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Answer 1

Answer:

Let rate be r% p.a

After two years, 

I=10018000r=180r

∴   after two years, A=9000+180r

after withdrawl =P2=5000+180r

Total amount of be received after 5 years

=9000+1009000×5×r=450r+9000=4000+8300=12300

=9000+450r=12300

⇒r=4503300=7.34%