A sum of money amounts to Rs 141600 in 3 years and Rs 156000 in 5 years at simple interest.
What is the rate of interest per annum?
Answers
Answered by
9
Answer:
Description for Correct answer:
P+Pr×3/100=14160
P+P×5r/400×3=14700
\left[ Rate\ of\ Int. = r + \frac{25}{100} r \right]
(By Ii) and (ii)
=> P+5/4(14160−P) = 14700
=> 4P + 70800 - 5P = 58800
=> P = 70800 - 58800 - 12000
Therefore, From equation (i),
12000+12000×r×3/100 = 14160
=> 120×3×r=14160−12000=2160
=> r=2160/120×3 = 6%
6%
Similar questions