Question

49,400 in a total of 3 years And Rs 50,400. At the same cycle interest rate in 5yeras,what is the cycle interest rate for the year?​

Answer 1

Answer:

I get with my calculation.

Simple interest amount over the 2 year period is

SI2=50400−49400=1000

Simple interest for 5 years is then

SI5=5×1000/2=2500

Principal amount is then

P=50400−2500=47900

And the rate I of interest per annum:

I=(SI×100)/(P×T)

I=(2500×100)/(47900×5)≈1%