At simple interest a sum becomes 7/4 of itself in 5 years. the rate of interest is ?
Answers
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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Given:
At simple interest, a sum becomes 7/4 of itself in 5 years.
To find:
The rate of interest is?
Formulas to be used:
Solution:
Let,
"P" → represents the sum of money.
"R" → represents the rate of interest.
"T" → represents the no. of years.
As given in the question, Amount, A =
T = 5 years
∴ S.I. = A - P =
Now, on substituting the value of P, T & S.I. in the formula of S.I., we get
Thus, the rate of interest is → 15%.
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