Question

A simple interest amount of rs 5000 for six month is rs 200. what is the anual rate of interest?
a) 10% b) 6% c) 8% d) 9%

Answer 1

The annual rate of interest is 8%.

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Answer 2

Simple interest =$\frac{P*R*T}{100}$

R =SI×100P×T  

Where P → Principal

R → Rate per annum

T → Duration in years

P = 5000

SI = 200

T =$\frac12$  

R =$\frac{200*100}{5000*\frac{1}{2}}$  

   $=\frac{20000*2}{5000}$  

   =$\frac{40000}{5000}$  

  =8  

Rate of interest is 8%