Question

A sum of 64,000 produces an interest of 4,921 when compounded annually for 3 years. Find the rate
of interest? ​

Answer 1

Step-by-step explanation:

The sum of rupees 64000 produces an interest of rupees 4921 in a bank for 3 years

To find:

The rate of interest

Solution:

To solve the given problem we will use the following formula of simple interest:

\boxed{\bold{Simple\:Interest = \frac{P\times R\times T}{100} }}

SimpleInterest=

100

P×R×T

Here

P = Principal = Rs. 64000

R = Rate of interest

T = Time period = 3 years

S.I. = 4921

Now, substituting the given values in the formula, we get

4921 = \frac{64000\times R\times 3}{100} }}

\implies 4921 \times 100 = 64000\times R\times 3⟹4921×100=64000×R×3

\implies 492100 = 192000\times R⟹492100=192000×R

\implies R = \frac{492100}{192000}⟹R=

192000

492100

\implies \bold{R = 2.56\%}⟹R=2.56%

Thus, the rate of interest is 2.56 %.

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Also View:

The simple interest on a certain sum for 4 years at 9% per annum is R114 more than the simple interest Non the same sum for 3 years at 10% per annum. Find the sum.