Question

A sum of money becomes 4/3 of itself in 6 years at a certain rate of simple interest .Find the rate of interest​

Answer 1

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Answer 2

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Answer:

Rate of interest = 5.56%

Step-by-step explanation:

It is given that,

A sum of money becomes 4/3 of itself in 6 years at a certain rate of simple interest.

Let P be the principle amount, R be the rate of change and N be the number of years

Simple interest, I = (PNR)/100

To find the rate of interest

Here N = 6,

P + I = 4P/3

P + (PNR)/100 = 4P/3

P + (Px 6 xR)/100 = 4P/3

1 + 6R/100 = 4/3

300 + 18R = 400

18R = 100

R = 100/18 = 50/9 =  5.56%

Therefore rate of interest = 5.56%