Question

30. Mathew deposited rs40,000 in an account, what is the rate of simple interest if he earns an interest of 8880 in his account in 12 years?​

Answer 1

Answer :-

• The rate of interest is 1.85% per annum.

To find :-

• The rate of simple interest.

Solution :-

• It is given that Mathew deposited Rs 40000 in an account. and he earns an interest of Rs 8880 in 12 years. We have to find the rate of interest.

We know that :-

$\underline{ \boxed{ \sf SI = \dfrac{Principal \times Rate \times Time}{100}}}$

Where,

• SI = Simple Interest.

Here,

• Simple interest = Rs 8880.
• Principal = Rs 40000.
• Time = 12 years.

Let :-

• The rate of interest be "r" %.

Substituting the given values in this formula :-

$\longmapsto \bf8880 = \dfrac{40000 \times r \times 12}{100}$

$\bf\longmapsto 8880 = \dfrac{480000 \times r}{100}$

$\bf \longmapsto 8880 = \dfrac{480000r}{100}$

$\bf \longmapsto 8880 \times 100 = 480000r$

$\bf \longmapsto 888000 = 480000r$

$\bf \longmapsto \dfrac{888000}{480000} = r$

$\longmapsto \overline{ \boxed{ \bf1.85\% = r}}$

Hence :-

• The rate of interest is 1.85%

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Know more :-

What is simple interest?

• The interest calculated on the original money (principal) at given rate of interest for any given time is called simple interest.

Answer 2

1.85%                                                                                                                     hope this help you