Question

A sum of ₹46,000 was lent out at simple interest and at the end of 1 year and 9 months, the total amount was ₹52,440. find the rate of interest per year

Note:-
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need Quality answer
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Answer 1

Answer:-

8%

Given:-

•Sum = ₹46,000

•Total amount = ₹52,440

•Time = 1 year and 9 months

To find:-

Rate of interest = ?

Solution:-

$\sf \: 1 \: year \:and \: 9 \: months \: = 1 \frac{9}{12} \\ \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: 1 \frac{3}{4} \\ \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \frac{7}{4}$

$\sf \: A = P+1 \\ \sf</p><p>I = A-P \\ \sf \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: = 52440 - 46000 \\ \sf \: = ₹6440 \\ \sf \: r = ?$

Solution:-

Here is the formula of simple interest

$\sf \color{maroon} I = \frac { PNR}{100}$

$\sf \: • \: I = Simple \: interest$

$\sf \: • \: P = Principal$

$\sf \: • \: N = Time$

$\sf \: • \: R = Rate \: of \: time$

Therefore,

$6440 = \frac{46000 \times r \times \frac{7}{4} }{100}$

$6440 = 46000 \times r \times \frac{7}{4} \times \frac{1}{100}$

$r = \frac{6440 \times 4 \times 100}{46000 \times 7}$

$= 8\%$

So Answer is 8%

$\sf \color {red} \star \: This \: is \: the \: required \: answer ✓$