Question

A sum of 5000 amounts to rs 6050 in 2 yeas .what is the rate of interest?

Answer 1

Principal (P) = 5000
Amount = 6050
Simple Interest (S.I.) = Amount - Principal
= 6050 - 5000
= 1050
Time (T) = 2 years
$rate \: of \: interest = \frac{s.i.}{p \times t} \times 100$
$= \frac{1050}{5000 \times 2} \times 100$
$\frac{1050}{10000} \times 100$
$= 10.5\%$