A sum of money becomes 8 by 5 of itself in 5 years at a certain rate of simple interes. find the
rate of interest
please solve this question
Answers
Answered by
3
Answer:
R = 12%
Step-by-step explanation:
Let the initial sum be 100
Then, sum became 8/5 of 100=8/5*100=160
Interest earned = 160–100=60
∴ Interest=PNR/100
⇒ 60 = 100*5*R/100
⇒ R = 12%
Hope it helps!
Answered by
3
Answer:
Given:
- A sum of money becomes 8/5 of itself in 5 years at a certain rate of simple interest.
Find:
- Find the rate of interest.
- Let us assume 'x' as the common variable used in this question.
Using formula:
☆ Simple interest (SI) = Principal (P) × Rate (R) × Time (T)/100
Calculations:
= x × Rate × 5/100
= 3x/5
= 5x × Rate = 3x × 100/5
= 60x
= Rate = 60x/5x
= 12
Therefore, 12 ℅ is the rate of interest.
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