Question

$500 is invested for 11 years and becomes $830 in total. What rate of
interest was being paid?​

Answer 1

RATE= Si*100/t*p
=330*100/11*500
=330/55
=6% p.a. ANSWER

Answer 2

➤ Correct Question :-

500 Rs is invested for 11 years and becomes 830 Rs in total. What rate of interest was being paid?

➤ Given :-

Principle :- 500 Rs

Time :- 11 years

Total amount :- 830 Rs

➤ To Find :-

Rate of interest for the given sum.........

➤ Formula required :-

${ \large \tt \dashrightarrow \orange{ \boxed{ \gray{ \tt \frac{SI \times 100}{P \times T} }}}}$

➤ Solution :-

First, we should find out the simple interest by subtracting the total amount and principle......

Simple Interest :-

${ \tt \longrightarrow 830 - 500}$

${ \tt \longrightarrow \sf Rs \tt \: \: 330}$

Now,

Rate of Interest :-

${ \tt \longrightarrow \dfrac{330 \times 100}{500 \times 11} }$

${ \tt \longrightarrow \dfrac{330 \times \cancel{100}}{ \cancel{500} \times 11} = \dfrac{330 \times 1}{5 \times 11} }$

${ \tt \longrightarrow \dfrac{330}{55} = \boxed{ \tt 6 \bf\%}}$

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$\dashrightarrow$Some related formulas :-

Simple Interest :- ${\boxed{\tt\dfrac{P \times R \times T}{100}}}$

Principle :- ${\boxed{\tt\dfrac{SI \times 100}{R \times T}}}$

Time :- ${\boxed{\tt\dfrac{SI \times 100}{P \times R}}}$

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More to know............

• Simple interest is the extra amount given when a person borrows money from a bank or a person. The person who gives money is called lender. The person who takes money is called borrower.
• Principle is the amount given at first from lender to borrower.
• Rate of interest is the extra amount to be given from borrower to lender, it is always written in percentage form.
• Time is given for the borrower to return back the money with the given interest.