Question

after 2 years ,the credit balance in a saving account earning simple interest is 585.75 and the original amount was 550.what was the interest rate?​

Answer 1

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Answer 2

The rate of interest is 3.25%.

Step-by-step explanation:

Since we have given that

Amount = Rs. 585.75

Principal = Rs. 550

So, Simple interest would be

$Amount-Principal\\\\=585.75-550\\\\=35.75$

Number of years = 2

so, it becomes

$SI=\dfrac{P\times R\times T}{100}\\35.75=\dfrac{550\times 2\times R}{100}\\\\3575=1100\times R\\\\\dfrac{3575}{1100}=R\\\\R=3.25\%$

Hence, the rate of interest is 3.25%.

# learn more:

After 2 year the credit balance in a savings account earning simple interest was Aryas 585. 75 point the original amount was Rs 550.What was the interest rate? step by step explanation​

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