Question

Asif deposited rs 7000 in his account and he had rs 8050 after 4 years. What was the yearly interest rate

Answer 1

Answer:

1050/4=262.5262.5/7000*100=3.75%

Answer 2

yearly interest rate = 3.75% if Asif deposited rs 7000 in his account and he had rs 8050 after 4 years.

Step-by-step explanation:

Asif deposited rs 7000 in his account

P= 7000

he had rs 8050 after 4 years.

T = 4 years

Interest = 8050 - 7000 = Rs 1050

Rate of interest = R% per annum

Simple interest = P × R × T/100

1050 = 7000 × R × 4 /100

R = 15/4

R = 3.75%

yearly interest rate = 3.75%

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