At simple interest a sum becomes 7/4 of itself
5 years. Find the rate of interest.
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Given : At simple interest a sum becomes 7/4 of itself in 5 years.
To Find : Rate of interest
Solution:
Let say Sum = 4X
sum becomes 7/4 of itself = (7/4)4X = 7X
Simple interest = 7X - 4X = 3X
Simple interest = P * R * T /100
3X = 4X * R * 5 /100
=> 3 = R/5
=> R = 15
rate of interest is 15 %
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