Question

Annual Rate of Interest is needed for Rs 2100 to earn Rs 122.50 in 14 months?

Answer 1

Main aapki ismein kya kar sakta hun

Answer 2

Given data,

The principal amount is given as $2100$

Simple interest is given as $122.5$

The time period is given as $14months$

Now we have to find out the annual rate of interest.

Simple interest(S.I)=$122.5$

Principal amount(P)= $2100$

Time period(T)= $14months$

Convert time period to years which is given in months

$\frac{14}{12}$

$1.17$

Time period(T)=$1.17$

Rate of interest(R)$=?$

Formula for simple interest is,

$SI=\frac{PTR}{100}$

Substitute all the values in formula.

We get,

$122.5=\frac{2100\times 1.17\times R}{100}$

Move $100$ to RHS and multiply $2100$ with $1.17$ we get,

$12250=2457\times R$

$R=\frac{12250}{2457}$

$R=4.98$

$R=5$(approximately)

Therefore, the rate of interest is $5$%