Question

a sum $ 28000 amounts to $ 35000 in 4 years . what is the rate of interest?
The answer is 6.25% please give answer with explanation ​

Answer 1

Answer:

rate of interest:6.25%

Step-by-step explanation:

amount:principal+simple interest

A=P+I

35000=28000+I

35000-28000=I

7000=I

I=7000rs

simple interest = p×t×r/100

7000=28000×4×r/100

7000=280×4r

7000/280=4r

700/28=4r

25=4r

25/4=r

6.25%=r

Answer 2

The rate of interest is 6.25%

GIVEN

A sum $ 28000 amounts to $ 35000 in 4 years.

TO FIND

Rate of interest

SOLUTION

We can simply solve the above problem as follows;

We are given,

Principal amount(P) = $28000

Final amount (A) = $35000

Time = 4 years

Let the rate of interest = R

We know that,

S.I = Amount - Principal amount

= 35000-28000

= $ 7000

Applying the formula;

$SI = \frac{prt}{100}$

Putting the values in the above formula we get;

$7000 = \frac{28000 \times r \times 4}{100}$

Solving for R;

4R = 7000/280

4R = 25

R = 25/4 = 6.25

Hence, The rate of interest is 6.25%

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