Question

A sum of rs64000 produces an interest of rs4921 when deposited in bank for 3 years find the rate of interest​

Answer 1

Answer:

Assuming that the interest is simple :-

$si = \frac{p \times r \times t}{100}$

$4921 = \frac{64000 \times r \times 3}{100}$

$\frac{192000r}{100} = 4921$

$192000r = 4921 \times 100$

$r = \frac{4921 \times 100}{192000}$

$r = 2.563$

Therefore, rate of interest = 2.563%

Hope it helps!