Question

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

Answer 1

Answer:

principal =3000rs

time =2 yrs

interest=240rs

Rate =(interest ×100)/principal ×time

=(240×100)/(3000×2)

=24000/6000

=4%