Question

A bank pays ₹240 as interest for 2 years for a sum of ₹3000 deposited as savings. Find the
rate of interest given by the bank.

Answer 1

Answer:

4 p.c.p.a

Step-by-step explanation:

Interest= 240

Principal= 3000

Time= 2 years

Rate=?

Rate of Interest= SI*100/P*T

=240*100/ 2*3000

=4 p.c.p.a or 4% pa

Hope it helps