Question

Asif deposited Rs.7000 in his account and he had Rs.8050 after 4 years. What was the yearly interest rate (simple interest)?

Answer 1

Answer:

1050/4=262.5

262.5/7000*100=3.75%

Answer 2

R = 3.75 %

Step-by-step explanation:

Given,

T = 4 year

P = 7000

According to the questions,

Asif Deposited in your account 7000 Rs and,

after 4 year he get 8050 Rs,

So, interest = 8050 - 7000

= 1050 Rs

We know that,

SI = $\frac{P\times R \times T}{100}$

1050 = $\frac{7000\times R\times 4}{100}$

R = $\frac{100\times 1050}{7000\times 4}$

R = 3.75 %