Question

At what rate of interest should P24,000 be invested so that it will earn P1,080 in 9 months?

Answer 1

Answer:

sorry I don't know the answer

Step-by-step explanation:

thanks

Answer 2

The rate of interest on the given amount is 6%.

Given,

Interest=1,080

Principal=24,000

Time=9 months

To Find,

The Rate of Interest on the given amount.

Solution,

the formula for calculating the simple Interest is

S.I=P×R×T/100

1080=24,000×R×$\frac{3}{4}$/100

R=6%

where P is the principal amount =Rs.24,000

R is the rate of interest = 6% p.a.

T is the time interval = 9 months or $\frac{3}{4}$ year.

S.I=Rs.1,080.

The rate of interest on the given amount is 6%.

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