A sum of money becomes 4/3
of itself in 6 years at a certain rate of simple interest. Find the rate of interest.
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ayush20042
ayush20042
25.10.2017
Math
Secondary School
answered
a sum of money becomes 4/3 of itself in 6 years at a certain rate of simple interest find the rate of interest.
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josimagic
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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%
Explanation:
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