Question

A serviceman deposited his savings of Rs.4500 in a bank. At the end of 3 years if he received an amount of Rs.5715 from the bank, find the rate of interest.
Please solve with steps!

Answer 1

Question:-

A serviceman deposited his savings of Rs.4500 in a bank. At the end of 3 years if he received an amount of Rs.5715 from the bank, find the rate of interest.

Required Answer:-

Given:-

• Principle amount = Rs. 4500
• Time = 3 years
• Amount = Ra. 5715

To Find:-

• Rate of interest.

Solution:-

We know that:-

$\\ \underline{ \boxed{ \tt{A = P(1 + rT)}}}$

Where,

• A is Amount
• P is Principle Amount
• r is Rate of interest
• T is Time

Substituting the values:-

$\\\bold{5715 = 4500(1 + r \times 3)}$

$\\ \sf{ \implies{4500(1 + 3r) = 5715}}$

$\\ \sf{ \implies{1 + 3r = \dfrac{5715}{4500} }}$

$\\ \sf{ \implies{3r = 1.27 - 1}}$

$\\ \sf{ \implies{r = \dfrac{0.27}{3}}}$

$\\ \sf{ \therefore{r = \bold{0.09}}}$

Converting r decimal to R a percentage :-

$\\ \sf{R = 0.09 \times 100} \implies{ \bold{R} = \red{9\%}}$

Therefore, the rate of interest is 9%