a sum of money amounts to rs.9000 after 5 years and rs.12000 after 8 years at the same rate of simple interest.the rate of interest per annum is
Answers
the answer is this which is shown in the picture below
The rate of interest per annum is 25%
Given:
A sum of money amounts to Rs.9000 after 5 years and Rs.12000 after 8 years at same rate of simple interest
To find:
The rate of simple interest
Solution:
Given that
The Sum of money is amounts to Rs.9000 for 5 years
After 8 years the sum is amounts to Rs.12000
From 5 to 8 (for 3 year) years the interest amounted
= Rs.12000- Rs.9000 = 3000
The interest amounted for 3 years = 3000
The interest for one year = 3000/3 = 1000 Rs
On the given sum the interest gained for 1 year = 1000 Rs
The interest amounts for 8 years = 1000 × 8 = 8000
The interest for 8 years = 8000 Rs
Then the initial amount = Rs.12000 - 8000 = 4000
The sum of money = 4000
The rate of interest = (interest/sum of money) × 100
= (1000/4000)×100 = 25%
The rate of interest per annum is 25%
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