Question

A sum of 16,000 amounts to +18,000 in 4 years
Find the rate of interest​

Answer 1

Answer:

principle is given= 16000

amount = 18000

then interest=18000-16000    (si=amount-p)

si=2000

rate = si x 100/p x t

rate = 2000x100/16000x4

rate = 25/89

rate = 3.12 % per annum

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