a person deposited ₹6200 on 28-6-2012 it amounts to ₹6500 on 1-9-2012 at a rate of SI. find out the rate
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Answer:
29.03%
Explanation:
Time = 2 months = 1/6 year = t
Principal = ₹6200 = p
Rate of interest = r
SI = 6500 - 6200
= ₹300
=> ptr
--------- = 300
100
=> 6200 X 1/6 X r
----------------------. = 300
100
=> 31 X r
------------ = 300
3
=> r = 900
---------
31
=> r = 29.03%
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