Question

A sum of rs 5984 becomes rs 8976 in 6 years at simple interest what is the rate of interest

Answer 1

Answer:

8.33%

Explanation:

p=5984

t=6

p+i=8976

r=?

Answer 2

Given,

In a simple interest:

Principal amount = P = Rs. 5984

Final amount after 6 years = A = Rs. 8976

Time = T = 6 years

To find,

The rate of interest (r) of the simple interest.

Solution,

We can simply solve this mathematical problem using the following process:

As per the principles of simple interest,

" The future value or the final amount A, of a principal amount P in simple interest at per annum rate of r% and after time T years, can be represented as:

A = P (1+rT/100) "

Now, on using this formula for the given question, we get:

A = P (1+rT/100)

=> 8976 = 5984 (1+6r/100) = 5984 + (5984 x 6r/100)

=> 5984 x 6r/100 = 2992

=> r/100 = 0.083

=> r = 8.3%

Hence, the rate of interest (r) of the simple interest is approximately 8.3%.