Question

An amount 50000 becomes 50700 in one year. What is the rate of interest?

Answer 1

Answer:

Rate of interest is 7/5

Answer 2

Given amount on the starting of the year => 50000

Amount it becomes in one year => 50700

So rate of interest = (Interested amount - Original amount) per annum

=(50700 - 50000) per annum

= 700 per annum